REASONS FOR DUMP📉
Telegram CEO Pavel Durov was arrested on 25th August at an airport north of Paris. Since the TON blockchain is developed by Telegram, the arrest of the Telegram CEO led to a significant fall in the price of TON coin.
Mr. Durov was put under formal investigation over suspected complicity in allowing illicit transactions, drug trafficking, and the spread of child sex abuse images. He called the accusations against him a 'misguided approach'.
On August 27, 2024, TON suffered a disruption due to which production of blocks was halted for around 4-5 hours. This was caused by the load on the network associated with the redemption of a newly launched DOGS memecoin.
A similar kind of scenario has been observed on Solana in the past as well. All the node operators were forced to restart because of the high load of volumes generated so as to generate new blocks.
Binance and Bybit suspended TON trading on their exchanges due to the halt in the production of new blocks caused by the major outage on August 27, 2024. This led to the fall in the price of TON
The TON blockchain has resumed its block production; the trading has also been resumed, but can TON recover from these unforeseen circumstances?
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STOPPlease no more crashes, I hope this is the bottom for this season/cycle.
September is the worst month for Cryptos Historically!
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