ToN Blockchain Network Stopped, Binance And Bybit Suspend Transactions

The TON Blockchain Network has stalled, Binance and Bybit have suspended transactions (Photo; Doc. Teacher Watcher)

JAKARTA - The Open Network (TON) network, formerly developed by Telegram founder Pavel and Nikolai Durov, experienced serious disruptions on Tuesday night. The network stopped processing transactions for more than four hours, as reported by Tonscan, a blockchain monitoring platform.

As a result, crypto trading platforms such as Binance and Bybit have temporarily suspended deposits and withdrawals related to TON. Until this news was published, there had been no official statement from the management of the TON network regarding the disruption.

This disruption occurred amid heavy transaction traffic, which was largely caused by the launch of the DOGS meme coin. Tonchain, one of the related platforms, had reported that the launch triggered a sharp increase in transaction volume, resulting in some central services experiencing a "long break."

This disruption to the TON network further disrupted the situation after Pavel Durov's arrest in Paris last Saturday. Durov, who is also CEO of Telegram, was arrested on charges of facilitating illegal transactions, did not want to cooperate with law enforcement, and allowed various illegal activities such as the spread of child pornography, drug distribution, organized fraud, money laundering, and illegal cryptographic activities on Telegram.

TON Price Drops, Telegram Users Are Restless

According to Decrypt information, Durov's arrest had a significant impact on the value of Toncoin (TON), the original token of the TON network. Since the news of this arrest spread, the price of TON has fallen by more than 20%. This decline is further exacerbated by disruptions to the recently occurring TON network.

Although Telegram has distanced itself from TON projects since 2020, recently the platform has started re-adopting it, including through a new feature that allows content creators to earn crypto income through Toncoin. In August, Telegram also introduced a feature that allows users to convert currencies in the Stars' app into TONS or use them for advertising payments.

Telegram users themselves are on the rise, with more than 950 million users recorded in July 2024, driven by the popularity of integrated crypto-based gaming on the platform. One of the most popular games, Hamster Kombat, has attracted more than 300 million players in recent months, ahead of its token launch and airdrop.