While Bitcoin (BTC) and altcoins experienced a sharp and sudden drop during the night hours, Tonscan data shows that the TON network has not produced any blocks for a long time and the last block was produced at 06:11:46 UTC+8.
Leading cryptocurrency exchange Bybit has announced that it has suspended all deposits and withdrawals via the Toncoin (TON) network due to network instability, while Justin Hyun, Chief Investment Officer at The Open Network (TON) Foundation, made an official statement.
TON Foundation director Hyun said that the TON network overload was caused by the overload of DOGS transactions.
A blockchain that does not produce blocks for an extended period of time is concerning because it disrupts network stability, potentially leading to security risks and transaction delays. These crashes are rare on blockchains, but do occur during times of high network activity.
For TON, a recent airdrop of the DOGS memecoin may have been effective in causing the network shutdown, as the popularity of DOGS led to an increase in transactions. At this point, experts stated that the network was struggling to meet demand, with the number of transactions per second (TPS) falling far short of expectations.
As is known, Telegram and Toncoin (TON) founder Pavel Durov was arrested in France, which caused the TON price to drop.
TON, which has fallen 2% in the last 24 hours, continues to be traded at $5.32.
@cburniske
+ Network overload dud to $DOGS txs overload
+ Garbage collection overloaded many of validators for enough time for them to lose consensus
+ To restore consensus validators will be called upon to restart at 4:00 UTC on/around same time with specific flags— Justin (@maverickqe) August 28, 2024
UPDATE 09:05
According to the official statement, the TON blockchain is now producing blocks normally and the network has returned to normal.
“TON is now producing blocks normally!
We're back online.”
*This is not investment advice.
