WordPress database error Duplicate entry 'cron' for key 'option_name'

[04-May-2016 22:03:45 UTC] WordPress database error Duplicate entry ‘cron’ for key ‘option_name’ for query INSERT INTO ttb_options (option_name, option_value, autoload) VALUES (‘cron’, ‘a:2:{i:1462399425;a:1:{s:16:\”wp_version_check\”;a:1:{s:32:\”40cd750bba9870f18aada2478b24840a\”;a:3:{s:8:\”schedule\”;s:10:\”twicedaily\”;s:4:\”args\”;a:0:{}s:8:\”interval\”;i:43200;}}}s:7:\”version\”;i:2;}’, ‘yes’) ON DUPLICATE KEY UPDATE option_name = VALUES(option_name), option_value = VALUES(option_value), autoload = VALUES(autoload) made by require(‘wp-blog-header.php’), require_once(‘wp-load.php’), require_once(‘wp-config.php’), require_once(‘wp-settings.php’), do_action(‘init’), call_user_func_array, wp_schedule_update_checks, wp_schedule_event, _set_cron_array, update_option, add_option, W3_Db->query, W3_DbCache->query, W3_DbCallUnderlying->query, W3_Db->query, W3_DbProcessor->query, W3_Db->default_query

The above mentioned is the complete error text. I am getting this error every millisecond and the error_log file gets to MBs within minutes. Can anyone guide me on getting this issue fixed??