Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
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.

0

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.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

New spot margin trading pair — HOLO/USDT!

Bitget Announcement2025/09/12 07:46

FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

- FUN plunged 32.34% in 24 hours to $0.008938, marking a 541.8% monthly loss amid prolonged bearish trends. - Technical breakdowns, elevated selling pressure, and forced liquidations highlight deteriorating market sentiment and risk-off behavior. - Analysts identify key support below $0.0080 as critical, with bearish momentum confirmed by RSI (<30) and MACD indicators. - A trend-following backtest strategy proposes short positions based on technical signals to capitalize on extended downward trajectories.

Bitget-RWA2025/09/12 06:14
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

OPEN has dropped by 189.51% within 24 hours during a significant market pullback

- OPEN's price plummeted 189.51% in 24 hours to $0.8907, marking its largest intraday decline in history. - The token fell 3793.63% over 7 days, matching identical monthly and yearly declines, signaling severe bearish momentum. - Technical analysts cite broken support levels and lack of bullish catalysts as key drivers of the sustained sell-off. - Absence of stabilizing volume or reversal patterns leaves the market vulnerable to further downward pressure.

Bitget-RWA2025/09/12 06:14
OPEN has dropped by 189.51% within 24 hours during a significant market pullback

New spot margin trading pair — LINEA/USDT!

Bitget Announcement2025/09/11 10:04