Amid CEO’s Legal Troubles, Telegram’s TON Blockchain Surpasses 1 Billion Transactions
The post Amid CEO’s Legal Troubles, Telegram’s TON Blockchain Surpasses 1 Billion Transactions appeared first on Coinpedia Fintech News
Telegram’s CEO, Pavel Durov, is facing legal troubles in France. French authorities have granted Durov bail under strict conditions, including a payment of €5 million, reporting to police twice a week, and remaining within French borders.
The Paris prosecutor has stated that there are sufficient grounds to formally investigate Durov on various charges, including complicity in running an online platform that facilitates illicit transactions, distribution of child sexual abuse material, drug trafficking, fraud, failure to cooperate with authorities, money laundering, and providing cryptographic services to criminals.
Amid these challenges, it was reported that the Telegram-linked blockchain, The Open Network (TON), has crossed a major milestone, surpassing 1 billion total transactions. This achievement comes on the heels of a high-profile meme coin airdrop, which not only boosted activity but also caused two significant network outages. As of September 3, 2024, TON’s transaction volume has reached an impressive 1.04 billion, with half of these transactions occurring in just the last three months.
The rapid surge in TON’s transaction volume highlights the growing engagement on the platform, largely driven by its integration with Telegram’s nearly 1 billion global users. TON has introduced gasless transactions, making it even more appealing to users.
Recent developments, such as the introduction of the W5 smart wallet standard in collaboration with TON Keeper, have further fueled this growth.Despite its progress, the network faced challenges during the DOGS meme coin airdrop between August 27 and 29.
During this period, TON processed an astounding 20 million transactions, with DOGS accounting for over 30% of the activity. The sudden surge led to transaction fees hitting a six-month high and likely contributed to TON’s highest recorded daily active user count.