| Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
|---|
| Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
|---|
| Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
|---|
Telegram-linked blockchain The Open Network (TON) resumed normal operations following an outage that lasted for more than seven hours.
What Happened: TON blockchain stopped processing transactions late Tuesday, according to Decrypt, with block production remaining disrupted for over seven hours.
The network confirmed that the outage was due to an “abnormal load,” wherein several validators were unable to clear the database of old transactions, causing a loss of consensus.
However, around 1:30 a.m. EDT, the official X account tied to the blockchain announced the resumption of normal operations. Blockchain explorer Tonscan also showed that new blocks were getting added to the network.
Why It Matters: The disruption could be linked to the launch of DOGS (CRYPTO: DOGS) memecoin, as TON stated earlier that the launch resulted in “quite a lot of traffic” on the network.
The halt in TON’s operations comes in the wake of the arrest of Telegram CEO Pavel Durov, one of the network’s original creators, along with his brother Nikolai Durov.
Toncoin (CRYPTO: TON), the native token of the TON network, is deeply integrated into the Telegram messaging app, used for paying rewards to creators and developers and buying Telegram ads.
Price Action: At the time of writing, TON was relatively stable at $5.34, down just 0.58% in the last 24 hours, according to data from Benzinga Pro ,although it was down more than 21% since Durov’s arrest on Saturday.
Image via Shutterstock
Read Next:
