The Binance & Bybit suspension of TON blockchain trades has caused a stir in the crypto community.
The Binance & Bybit suspension of TON blockchain trades coincided with a significant disruption on the Open Network (TON) blockchain on Wednesday, August 28. The network experienced a halt in transaction validation and block generation for over six hours. The TON team attributed the issue to an unusually high load affecting the network, which overwhelmed several validators and hindered their ability to clear the database of old transactions.
TON Network Disrupted by Consensus Failure
The TON team acknowledged the disruption in a post on X, attributing the issue to an unusually high load on the network. They explained that “several validators are unable to clean the database of old transactions, which has led to losing the consensus.” This consensus failure is critical in blockchain technology as it prevents the network from processing and confirming new transactions.
TON Price Drops Amid Network Issues: Binance & Bybit Suspension
To address the issue, the TON network asked its validators to restart at 0400 UTC on Wednesday to restore normal operations, provided enough validators participated in the process. This collaborative effort among validators is essential for re-establishing the network’s functionality and ensuring that transactions can resume.
During this downtime, the TON-based community platform, Tonk Inu, posted on X that the market excitement surrounding the newly launched DOGS memecoin may have contributed to the spike in activity, leading to the network’s issues. The increased demand and transaction volume likely put additional strain on the network, exacerbating the problem.
On Wednesday, the value of TON dropped by 2.4%, trading around $5.32. According to a TON network tracker, the last confirmed transactions were recorded in block 45341899, which occurred over six hours before the network ceased generating new blocks.
Binance & Bybit Suspension TON Trading
Due to ongoing technical problems, major crypto exchanges Binance and Bybit have stopped trading on the TON network. Bybit announced on Wednesday that it was halting all deposits and withdrawals, calling the network “unstable.” On-chain observers also reported that Binance has paused trading on TON, showing just how serious the issue is.
The suspension of trading activities on these prominent exchanges underscores the seriousness of the technical issues faced by the TON network. Such interruptions can have a ripple effect across the broader cryptocurrency market, potentially impacting investor confidence and the market value of TON.
Binance & Bybit Suspension: Telegram CEO Arrested Amid TON Network Issues
Binance & Bybit Suspension: The block production halt on the TON network coincides with another major event—the recent arrest of Telegram CEO Pavel Durov by French prosecutors in Paris. Durov is being investigated for serious allegations including child pornography, drug trafficking, and fraud related to Telegram.
Although TON was originally developed by 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 rather than being directly connected to Durov’s arrest or Telegram’s corporate affairs.
As the TON community and validators work to restore the network, the broader crypto market will be closely watching how the situation unfolds. The incident serves as a reminder of the challenges that blockchain networks face in maintaining operational stability, particularly under high transaction loads and external pressures.
In conclusion, the Binance & Bybit suspension of TON blockchain trades highlights a critical moment for the network, raising questions about its stability and future. The disruption, caused by an unusually high load and resulting consensus failure, has led to significant trading halts and a drop in TON’s value.
While the technical issues underscore the challenges of maintaining blockchain stability, they also present an opportunity for the TON network to strengthen its infrastructure and resilience. As the community and validators work to resolve these problems, the broader crypto market will be watching closely, hoping that this crisis will lead to long-term improvements and enhanced network reliability.
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