- TON Network resumed operations after a seven-hour disruption caused by the overwhelming transaction load from the DOGS memecoin airdrop.
- The incident prompted a sharp decline in Toncoin value, with major cryptocurrency exchanges temporarily halting transactions.
The blockchain community faced a significant test when The Open Network (TON) experienced a seven-hour outage, beginning at 01:10 AM. The outage was primarily due to an unprecedented influx of transactions triggered by the DOGS memecoin airdrop. This event overloaded the network to such an extent that it lost its operational consensus, leading to a complete halt in block production.
Critical Overload from Airdrop Prompts Urgent Action
The DOGS memecoin, initially perceived as a playful venture in the crypto space, became the focal point of a major network crisis. The airdrop associated with this memecoin introduced a massive volume of transactions that TON was unprepared to handle efficiently. The congestion was exacerbated by database cleanup challenges faced by several validators, causing further complications in regaining network stability.
In response to the crisis, TON administrators issued an urgent directive to all network validators. They were instructed to restart their nodes in an attempt to restore normalcy. This process was critical in re-establishing consensus among the nodes and resuming normal operations across the network.
Meanwhile, the fallout from the outage was felt across the cryptocurrency trading platforms. Leading exchanges, including Binance and Bybit, took the precautionary measure of temporarily suspending all deposits and withdrawals related to TON to prevent further disruption and protect their users.
Market Impact and Recovery
The interruption not only impacted network operations but also had a noticeable effect on the cryptocurrency market. Toncoin, the native cryptocurrency of TON, witnessed a significant price drop. Following the news of Telegram CEO’s detention and the network outage, Toncoin’s value plummeted by 18%, hitting a low of $5.11 during the disruption period. Although it has slightly recovered to $5.34, the currency still shows a net decline of 20% over the past week according to the latest data from CoinMarketCap.
This incident serves as a stark reminder of the vulnerabilities inherent in the blockchain and cryptocurrency ecosystems. The rapid recovery of TON’s block production capabilities underscores the resilience and robustness of blockchain technology, but it also highlights the need for ongoing vigilance and adaptive measures to manage emerging risks in the sector. As the network resumes normal operations, the community remains watchful, learning from each incident to enhance stability and security in the ever-evolving crypto landscape.
