Credit: Original article published by Crypto Briefing Blog.

The Stellar blockchain is currently facing a serious network outage due to an unknown bug.

Bitstamp Halts Stellar XLM

According to Stellar’s official update, an unknown technical glitch has caused some important validators to drop off the network.

As of 13:26 UTC, Stellar Development Fund (SDF) engineers are busy investigating the technical issues that caused the validators to drop off.

As validators are currently offline, the blockchain is unable to process new blocks.

The block explorer shows that the network processed its last transaction eight hours ago.

“At this moment, we are unable to provide ETA for a fix,” the update says.

Meanwhile, crypto exchange Bitstamp has temporarily halted deposits and withdrawals of XLM, Stellar’s native token, due to ongoing issues.

Since the outage news, its token price has taken a hit, coming all the way from ~$0.57 to ~0.49 at press time.

The Stellar blockchain is worth $11 billion that hosts several crypto projects, including the second-largest stablecoin USD Coin (USDC).

The ongoing incident is not unprecedented for Stellar. In 2019, the network abruptly froze, and transactions could not be validated for two hours.

Blockchains depend on complex encryption, and continuous sync among validators to keep the network running; Stellar is no different. However, small software bugs may cause sporadic disruptions.

Another example is Solana, a proof-of-stake blockchain, which similarly faced a six-hour long outage in December 2020.

Note: This is a developing story and will be updated with new information.

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#Bitcoin #Crypto #Cryptocurrency

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