The Open Network (TON), developed by brothers Pavel and Nikolay Durov, went down late Tuesday night, with eagle-eyed users reporting that the protocol had stopped processing transactions.
The network, formerly associated with messaging platform Telegram, has not produced any new blocks in the past four hours, according to Blockchain Explorer. TonScan.
In a post from its X account, TON confirmed an “interruption to block production on the network,” adding that the issue was occurring “due to an abnormal load.”
“Several validators have failed to clear old transactions from their databases, resulting in a loss of consensus,” the company said.
Following a request from the chain’s development team, TON Core, to re-establish network consensus, validators have been scrambling to reboot their nodes and software.
Binance and Bybit Stopping deposits and withdrawals to the network, Decryption Confirmed.
A representative for the network did not immediately respond to a request for comment.
Tonscan is attention The launch of X was announced earlier on Tuesday. $Dog The memecoin was “driving significant traffic” on the network, causing some central services to experience brief outages.
Durov, along with his brother Nikolai, unveiled the Layer-1 blockchain through a whitepaper on Telegram in 2018, which was followed by the project's initial coin offering.— the second-largest ever — of its native token, Gram.
The Securities and Exchange Commission subsequently deemed the Gram token offering an unregistered security and halted the project.
After Telegram's withdrawal in 2020, community developers continued the project and launched the current network, led by Anatoly Makosov and Kirill Emelianenko.
Durov was arrested in Paris on Saturday and faces charges of aiding and abetting illegal trafficking, refusing to cooperate with law enforcement, child pornography on Telegram, drug distribution, organized fraud, money laundering and allowing illegal cryptocurrency activities to go unchecked.
In recent years, Telegram had distanced itself from the project but has now begun to embrace it, including by paying channel owners a portion of advertising revenue via Toncoin (TON).—The network's native token.
In August, Telegram introduced a feature that allowed content creators to earn cryptocurrency through an in-app currency called “Stars,” which could then be converted into TON or used to pay for advertising.
The price of TON remained slightly unchanged on Tuesday but has fallen by more than 20 percent since Durov's arrest.
According to Durov, Telegram's user base surpassed 950 million in July, due to an increase in users attracted to cryptocurrency-based games offered through “mini-apps” integrated into the platform.
The most popular, Hamster Combat, has an upcoming token launch and airdrop and has reportedly garnered over 300 million players in recent months.
Daily Report Newsletter
Enjoy our top news, original features, podcasts, videos and more every day.
