The Telegram Open Network (TON), originally developed by brothers Pavel and Nikolai Durov, ceased validating new transactions for over seven hours, with the network failing to generate any new blocks since then, according to TON network tracker Tonscan.
A blockchain's inability to produce blocks for an extended period is concerning because it disrupts network stability, potentially resulting in security risks and transaction delays.
Such crashes are rare in blockchains but can occur during periods of high network activity.
It has since resumed production.
The recent airdrop of the DOGS meme coin may have contributed to the TON network's issues, as the token's popularity led to a surge in transactions.
Observers noted that the network struggled to keep up with the demand, with its transactions per second (TPS) falling below expectations.
In a post on X, the TON-based community platform Tonk Inu reported that the TON network had been experiencing an ongoing outage and attributed the problem to a frenzy of market hype over a newly launched meme coin called DOGS.
TON Foundation member Justin also stated that the outage was due to a "network overload" caused by the high number of DOGS transactions.
He further mentioned that TON validators became overwhelmed, leading to a loss of consensus.
Tonscan had previously noted on X that the launch of the $DOGS meme coin was "causing quite a lot of traffic" on the network, with some central services temporarily pausing.
The network requested validators to restart at 0400 UTC on Wednesday to resume operations, provided that enough validators participated.
Two crypto exchanges have taken action in response to the situation, suspending trading activities on the TON network.
Bybit announced on Wednesday that it would suspend all deposits and withdrawals to TON until the network had been restored to normal, citing an "unstable network."
Additionally, on-chain observers noted that Binance has also halted trading.
On 26 August, Binance stated that its TON network upgrade was experiencing delays due to unexpected complications.
Terraform Labs' bankruptcy filing has significant implications for the Terra community and the market. The ongoing legal challenges, coupled with Do Kwon's troubles, contribute to a challenging environment. LUNA's market performance reflects the prevailing negative sentiment, with potential extradition complications adding to the uncertainty.
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Cointelegraph