Binance, Bybit Suspend Trading on TON
New York, Wednesday, August 28, 2024- The Open Network (TON) blockchain faced a major disruption on Wednesday, halting the validation of new transactions for over six hours. The team attributed the issue to an unusually high load on the network, which prevented several validators from cleaning the database of old transactions, leading to a loss of consensus.
As a result of the technical issues, two major crypto exchanges, Binance and Bybit, have suspended trading activities on the TON network.
It should be also noted that this freeze comes amidst last week’s arrest of Telegram CEO Pavel Durov in Paris, while TON was originally developed by Telegram, it now operates independently
However, reports suggested that the network’s issues are likely due to technical problems rather than any direct connection to Durov’s arrest.
To restore operations, the TON team requested validators to restart at 0400 UTC.
The network’s successful recovery depends on the participation of a sufficient number of validators.
Meanwhile, the recent launch of the DOGS memecoin on TON appears to have contributed to the increased network activity, according to Tonk Inu, a TON-based community platform.
The disruption has had a significant impact on the TON network, with the most recent transactions confirmed over six hours ago. This halt in block production has caused delays and disruptions in services that rely on timely transaction processing.
Binance cited unexpected complications in its TON network upgrade as the reason for the suspension, while Bybit attributed the halt to network instability.
