Toncoin halted: 3-hour network outage triggers price, volume dip – analysis by AMBCrypto
Toncoin (TON) has no doubt been one of the fastest growing networks and its runtime has been flawless until now. Fresh reports indicate that the network experienced its first downtime incident this morning.
Preliminary reports found using Tonscan show that block generation on Ton halted for almost three hours. One of the TON Foundation members revealed that the downtime was caused by transactions overload, mainly involving DOGS.
The downtime resulted in the suspension of deposits and withdrawals via TON by multiple exchanges. This includes Binance and ByBit.
The downtime reportedly caused a loss of consensus among validators. This means that validators have to restart the network to kick things into motion again. TON had already fixed the issue and restored network operations at press time.
Toncoin retested its August lows after tanking by as much as 26% during the weekend. It was down by 2.98% in the last 24 hours to a $5.25 press time price.
It remains unclear whether the downtime incident will affect demand for Toncoin in the near term. Especially now that the network is up and running again.
