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TON blockchain freezes $2.6B worth of inactive tokens

According to the results of a community vote on Feb. 22, users and validators of The Open Network (TON), a layer-1 blockchain previously created by Telegram, have voted to suspend miners’ wallets for four years if they are inactive and have never made an outgoing transaction. The decision resulted in 1,081,389,416 Toncoin (TON) being suspended, worth an estimated $2.58 billion at the time of publication and accounting for over 20% of TON tokens outstanding.

The validator vote, which began on Feb. 21, 2023, was passed after the first two rounds without requiring a third tie-breaker round. The TON Foundation requested miners to show their activity by undertaking a transaction on the TON blockchain on Dec. 17, 2022. Since that announcement, 24 of the 195 inactive addresses have been activated. As a result, the vote concerned the remaining 171 addresses, or less than 0.009% of the total number of wallets on the network, holding a total of 1,081,389,416 TON. The addresses will be suspended for a period of four years following today’s vote.

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