A naukri.com initiative
Nigeriabitcoincummunity
3w
368
Toncoin Bounces Back Following Durov’s Release
- Toncoin, the native cryptocurrency of The Open Network (TON) blockchain, recently jumped back over 9% following the release of Telegram CEO Pavel Durov from French custody.
- Toncoin’s price surged from $5.30 to $5.80 TON-USDT on Gate.io, marking an increase within just 20 minutes.
- The TON blockchain has been facing significant technical difficulties that have raised concerns among users and investors.
- On August 27, the TON network experienced a critical outage for approximately seven hours, and it soon faced another disruption later that day.
- The TON blockchain team attributed these outages to an overwhelming influx of transactions related to the newly launched DOGS meme coin.
- Pavel Durov, the co-founder and CEO of Telegram, found himself embroiled in legal troubles in France, which sent shockwaves through the tech and cryptocurrency communities.
- Following his arrest, Durov was held in custody for four days before being released on August 28 under stringent conditions.
- French authorities have also issued an arrest warrant for Nikolai Durov, Pavel’s brother and the co-founder of Telegram, as part of the same investigation.
- While the temporary surge in Toncoin’s price reflects a degree of market confidence in the aftermath of Pavel Durov’s release, the ongoing technical challenges faced by the TON blockchain suggest that there are deeper issues that need addressing.
- For the TON blockchain to maintain its credibility and for Toncoin to sustain its value, the network’s developers must address the root causes of these outages and ensure the platform’s stability moving forward.
Read Full Article
22 Likes
For uninterrupted reading, download the app