TON Blockchain Halts Transactions as Binance and Bybit Freeze Trading

• Toncoin blockchain faced a major disruption, halting all operations for several hours.  
•  Binance and Bybit quickly paused investing activity on TON due to network issues.  
• Ethereum’s Vitalik Buterin backed a new blockchain project despite TON’s recent challenges.

The TON blockchain, which was initially connected to Telegram, faced a major issue on Tuesday night and stopped processing transactions. As a result, Binance and Bybit halted all deposits and withdrawals on the network. Tonscan, a blockchain explorer, reported that no new blocks had been created for over four hours, leaving many users in uncertainty.

Network Overload Causes TON Disruption

TON Core, the team managing the network, said the disruption happened due to an overload. Several validators struggled to clear old transactions, and this caused the network to lose consensus, halting block production. Validators are now trying to restart nodes and systems to get everything back on track.

The disruption coincided with the launch of the $ DOGS meme coin, which increased traffic on the network. Tonscan noted that the surge in transactions led to a pause in some services. The network is still down, and developers are working quickly to solve the problem.

Vitalik Buterin Supports a New Blockchain Project

While TON deals with its challenges, ETH co-founder Vitalik Buterin seems to be backing a fresh blockchain initiative. Data from Arkham shows that Buterin sent 199.9 ETH, worth over $517,000, to a Gnosis Safe multi-signature contract. This move is believed to support ethOS, a mobile operating system built for Ethereum.

ethOS was developed by the team at Freedom Factory, and it helps users write blockchain code and deploy decentralized apps on mobile devices. It launched on select Android devices in late 2022 and was reintroduced in 2023. The project plans to roll out more hardware soon, according to its website.

Buterin’s involvement could help expand the token’s reach into the mobile ecosystem, and this may bring more developers to the platform.

Telegram’s Crypto Activities Under Scrutiny

The TON blockchain’s outage comes as Telegram’s co-founder, Pavel Durov, faces legal problems in Paris. He was arrested on charges related to illegal transactions, money laundering, and failing to control illegal activities on Telegram. This situation has cast doubt on Telegram’s role in the crypto market.

Despite these issues, Telegram recently launched a feature that allows content creators to earn cryptocurrency through an in-app currency called “Stars,” which can be converted to TON or used for ads. Telegram’s user base has grown to over 950 million, boosted by crypto games like “Hamster Kombat,” which has over 300 million players.

These recent developments have raised questions about the future of TON and Telegram’s crypto plans, and the situation remains uncertain as developers work to restore the network.