TON Blockchain Resumes After Six-Hour Standstill

Binance ByBit TON Blockchain

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Last updated: 

August 28, 2024

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The Open Network (TON) blockchain restarted services on Wednesday, following a disruption where it stopped processing new transactions and didn’t produce a new block for more than six hours.

“TON is now producing blocks normally! We are back online,” the team said on X.

Earlier in the day, TON had confirmed a network disruption. “Several validators are unable to clean the database of old transactions, which has led to losing the consensus,” it said.

The network asked validators to restart at 0400 UTC on Wednesday to restore operations, as long as enough validators participate.

Meanwhile, TON-based community platform Tonk Inu posted on X that market excitement over the newly launched DOGS memecoin appears to have caused a spike in activity.

TON last dropped 2.02% on Wednesday to around $5.33.

A TON network tracker indicated that transactions were logged in block 45341899 before the production halt. Following that, the network stopped producing new blocks. However, they are now back to normal again.

Blockchains process transactions within blocks. However, when new blocks stop being created, transactions go unconfirmed and unsettled. As a result, all financial or data transactions dependent on the blockchain halt. This causes significant delays or disruptions in services that require prompt transaction processing.

Binance and Bybit Suspend TON Network Trading Amid Technical Issues

Two crypto exchanges have reacted, suspending trading activities on the TON network. Bybit announced on Wednesday a suspension of all deposits and withdrawals, citing an “unstable network.” Additionally, on-chain observers noted that Binance has also halted trading.

On Aug. 26, Binance said that its TON network upgrade was experiencing delays due to unexpected complications.

It is currently unclear whether both have resumed TON-related trading.

Block Production Halt on TON Network Amid Telegram CEO’s Arrest

TON, originally developed by Telegram, was designed to integrate with its messaging service for enhanced functionality. The block production halt came after French prosecutors recently arrested Telegram CEO Pavel Durov in Paris. They are investigating crimes related to child pornography, drug trafficking, and fraudulent transactions on the platform.

Although TON originated from Telegram, it now operates independently. This separation suggests that the network’s operational issues, such as the block production halt, are likely due to technical or network-related problems. They do not appear directly connected to Durov’s arrest or Telegram’s corporate affairs.