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Toncoin rises 8% after Durov release despite blockchain outages

Toncoin rises 8% after Durov release despite blockchain outages

GrafaGrafa2024/08/29 06:20
By:Mahathir Bayena

Toncoin (CRYPTO:TON) saw an 8% price increase following the release of Telegram CEO Pavel Durov, who was detained by French authorities. 

However, the positive momentum was overshadowed by recent outages on the TON blockchain, raising questions about its reliability. 

Durov was released from custody on August 28 after four days, under judicial supervision, with a €5 million bond and restrictions preventing him from leaving France. 

His arrest on August 24 at Le Bourget airport was tied to allegations of facilitating drug trafficking, organised fraud, and distributing inappropriate content involving minors. 

French authorities also issued an arrest warrant for his brother, Nikolai Durov, in connection with similar charges. 

The impact of Durov's release was immediately felt in the Toncoin market

The token's price surged from $5.31 to $5.75, an 8.3% jump within 20 minutes. 

However, this initial rise was short-lived, and the price has since stabilised around $5.58, still reflecting a 14.7% decline over the past week. 

The TON blockchain has faced significant technical challenges despite the market's brief optimism. 

On August 27, the network stopped producing blocks for approximately seven hours due to a surge in transactions linked to the newly launched DOGS meme coin. 

While operations resumed the following day, another disruption occurred, halting block production again for a period. 

The TON blockchain team attributed both outages to an overwhelming influx of transactions and assured users that their crypto assets were not at risk. 

They are currently working on a solution to prevent future disruptions. 

As of now, the TON blockchain appears to have resumed normal operations, but the recent outages have sparked concerns about its capacity to handle sudden surges in activity. 

The blockchain's stability remains under scrutiny, with observers questioning whether it can maintain reliability amid growing demand. 

At the time of reporting, the Toncoin price was $5.54.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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