- The TON network has not generated any block for multiple hours due to network outages sparked by the transaction activities around the newly created meme coin DOGS.
- The TON Society has also embarked on a campaign against the French authorities via rebranding and an “Open Letter Mini App.”
Data from Tonscan shows that the Toncoin (TON) network has not generated a single block for almost three hours. According to the information available, the latest block was generated at 06:11:46 UTC+8.
Tonscan data shows that the Ton network has not generated any blocks for nearly 3 hours, and the latest block was generated at 06:11:46 UTC+8. Bybit announced that due to network instability, Bybit has suspended all deposits and withdrawals through the Toncoin (TON) network.…— Wu Blockchain (@WuBlockchain) August 28, 2024
Responding to this, Bybit Exchange has suspended all deposits and withdrawals, citing network instability as the main reason for this decision.
Due to an unstable network, Bybit has suspended all deposits and withdrawals via the Toncoin (TON) network starting from Aug 27, 2024, 10:00 PM UTC. Any ongoing deposits and withdrawals will experience delays until the network is deemed to be stable. Rest assured, other activities, such as trading, will not be affected.
According to Justin Sun, a member of the TON Foundation, the existing challenge was triggered by the “DOGS transactions overload.” Explaining this further, he stated that the “garbage collection” overloaded several of the validators, leading to a loss of consensus. However, he assured that the issue was under control as validators have been asked to restart at 4:00 UTC.
More on DOGS, TON Society Calls for Durov’s Release
DOGS, which is confirmed to be the main cause of this outage, was launched on the TON network on August 27. According to our research, this meme coin is currently listed on Binance and OKX. Fascinatingly, its trading volume skyrocketed to $1.7 billion in just 10 hours after launch. This dragged its market cap to an all-time high of $891 million at a price of $0.0018. However, this was short-lived as the price took a nosedive to $0.0013.
This meme coin’s emergence follows the TON Society’s official rebranding to support Telegram creator Pavel Durov, who was recently arrested by the French authorities.
We are updating Toncoin’s logo and profile pictures across TON Community channels to the global symbol of Digital Resistance — the Resistance Dog…In response, Pavel posted a picture of his dog, refusing to silence anyone on his platform. Since then, this dog has become the mascot of free speech. It has become an emblem of hope, incredible strength, and courage.
In addition, the TON Society has launched an “Open Letter Mini App” to campaign for Durov’s release from detention. At press time, over 1.8 million signatures had been received.
According to French media, things could get worse for the Telegram founder as more serious charges, including drug trafficking, terrorism, money laundering, fraud, child abuse content, etc, could be pressed against him. Currently, his detention is part of an investigation into a lack of moderation and cooperation. As we earlier reported, Telegram has stated that it will invalidate the allegations, claiming Durov has nothing to hide.
It is absurd to claim that a platform or its owner is responsible for the abuse of that platform. Almost a billion users globally use Telegram as a means of communication and as a source of vital information. We’re awaiting a prompt resolution of this situation. Telegram is with you all.
At press time, TON was trading at $5.3 after declining by 0.78% in the last 24 hours.
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