The last time the TON network generated a new Block was at 05:11 AM this morning (Vietnam time), with the cause of the problem still unclear.
Blockchain TON "froze" for more than 4 hours. Photo: The Block
The Open Network (TON) , a blockchain developed for the Telegram messaging app community, has been down since 05:11 AM as it failed to generate new Block .
Data from Tonscan shows that the network has not recorded any new Block or transactions for the past 4 hours.
Latest Block of TON network, Tonscan screenshot at 09:15 AM on 08/28/2024
Although the cause of the incident is not yet clear, some opinions suggest that it may have originated from the launch of the memecoin DOGS , which is putting a lot of pressure on the network and causing transaction speeds to decrease.
Looks like @ton_blockchain failed stress test, as infrastructure crashes in DOGS Airdrop.
— Mikko Ohtamaa (@moo9000)August 26, 2024
Only max of 280 TPS (transactions per second) reached. This is far less than previously mentioned 55,000 TPS. https://t.co/GrXb8OQWZo pic.twitter.com/mMTELqRnMM
TON also encountered the same thing last December with the landing of the Ordinals trend on this blockchain.
Due to the seriousness of the incident, Bybit exchange has announced to stop TON deposits and withdrawals until the problem is resolved.
Tonscan data shows that the Ton network has not generated any blocks for nearly 3 hours, and the latest Block was generated at 06:11:46 UTC+8. Bybit announced that due to network instability, Bybit has suspended all deposits and withdrawals through the Toncoin (TON) network.…
— Wu Blockchain (@WuBlockchain) August 28, 2024
TON price has been relatively stable over the past 24 hours, despite the cryptocurrency market experiencing a dump in the early morning of August 28, wiping out last week's gains for BTC and ETH.
1h chart of TON/ USDT pair on Binance exchange at 09:25 AM on August 28, 2024
TON has been continuously receiving negative news in recent days, which has significantly affected the Token price. The most serious case is the arrest of Telegram CEO Pavel Durov by French authorities and charges of violating regulations on information management and censorship on the social network he developed, despitefierce opposition from famous names in the technology and crypto world.
The Telegram and TON communities have taken several steps to support Mr. Durov, including an open letter calling for his release. As of the morning of August 28, the letter had received more than 1.5 million signatures.
Statistics of the number of signatures of the open letter calling on France to release Telegram CEO Pavel Durov. Photo: @tgresistancebot on Telegram
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