Stellar exchange is facing a network outage. Of note, the outage has left its validators unable to process transactions for some hours.
Based on a report, some of Stellar’s validators can not even be found on the network because of the platform’s technical issue. As a result, Stellar blockchain is also unable to effectively process new blocks as long as the validators are offline.
To recover, Stellar Development Fund (SDF) engineers are working hard to find out what might have caused the network outage. However, the network cannot restore normal operations until it resolves the issue. For now, a network update shows that they do not know when the issue will be fixed.
Due to the network crisis, Bitstamp crypto exchange has stopped users from depositing and withdrawing Stellar’s token XLM for now. However, this is not the first time that Stellar is experiencing such a network outage. In 2019, the Stellar network froze for more than two hours.
To restore sanity, Coinbase has pledged that it will investigate the issue. Meanwhile, Coinbase will start trading on Nasdaq on April 14.
Presently, XLM price is $0.49 with a 24h trading volume of $3,503 at the time of writing, according to CoinGecko.
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