As a seasoned crypto investor with scars from more than a few market rollercoasters, I can’t help but feel a familiar twinge of unease when reading about Binance’s delayed Toncoin network upgrade. The unexpected technical challenges are reminiscent of the cryptic “maintenance mode” messages we’ve all seen far too often in our digital adventure. However, I must admit that my trust in Binance’s ability to navigate these choppy waters has been proven time and again, so I’ll try to keep my nerves in check and wait for normal service to be restored.
Binance, a significant global cryptocurrency trading platform, has shared some crucial information about the overdue network upgrade for Toncoin (TON). Via a Twitter post, Binance admitted that the process is delayed due to unexpected technical hurdles encountered during the upgrading phase.
“Apologies for the delay, but our TON network update is taking more time than anticipated due to unexpected problems. Be reassured that we’re doing everything we can to get things back to normal as soon as we can.”
Service Notice!
— Binance (@binance) August 26, 2024
Despite Binance not disclosing the exact type of technical problems, they are actively working behind the scenes to rectify the issue and restore normal service quickly. Their tech team is working diligently in this regard.
As a researcher studying the digital currency market, I’ve encountered a situation where delays in network upgrades for Toncoin may momentarily impact deposit and withdrawal processes. Binance has yet to provide an exact timeframe for this delay, but their prompt communication aims to keep users updated and alleviate any unnecessary worries.
TON price action
As a researcher, I noticed a significant dip in Toncoin’s value, over 20%, following the news of Telegram CEO, Pavel Durov’s alleged arrest at a Paris airport on Saturday. The arrest was due to suspicions that he had not taken adequate measures to prevent criminal activities on the Telegram platform.
Through partnership and development, The Open Network (TON) blockchain is tapping into the vast user base of approximately 900 million monthly users on Telegram. This collaboration aims to provide services like in-app payments and gaming. With TON’s growing popularity, speculation arises that Telegram could potentially emerge as a “super-app” modeled after powerful platforms such as WeChat from China.
As I analyze the market, it’s worth noting that the tenth-largest cryptocurrency has regained some ground, currently trading at $5.53, a 2.21% decrease over the past 24 hours. However, on a weekly scale, its value has dipped by 18.11%.
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2024-08-26 16:13