365Crypto
On August 27, the Telegram Open Network (TON) experienced a significant outage, halting new block production and transaction validation for over six hours. The disruption, first reported by the TON community platform Tonk Inu on August 28, was attributed to a surge of market activity surrounding the newly launched memecoin, DOGS.
During the outage, TON had not processed any transactions or created new blocks for over six hours, according to network tracker Tonscan. DOGS, which debuted on August 27, saw a remarkable $1.7 billion in trading volume within its first ten hours and briefly achieved a market capitalization of $891 million. At the time of writing, the last transaction has been validated four hours ago.
The timing of the outage is notable as it coincides with the arrest of Pavel Durov, the CEO of Telegram, in France. The network’s native token, Toncoin (TON), has also been affected, dropping 1.5% in the past 24 hours to a price of $5.30.
This interruption highlights the impact of high market activity on network performance and underscores the current volatility in the cryptocurrency space.
