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The Stellar blockchain is currently facing a major network outage due to an unknown bug.
Bitstamp is stopping Stellar XLM
According to Stellar’s official update, an unknown technical bug has caused some key reviewers to leave the network.
As of 13:26 UTC, the Stellar Development Fund (SDF) engineers are busy investigating the technical issues that caused the inspectors to disengage.
Since validators are currently offline, the blockchain cannot process new blocks.
The block explorer indicates that the network processed its last transaction six hours ago.
“Currently we cannot provide an ETA for a fix,” says the update.
Meanwhile, crypto exchange Bitstamp has temporarily suspended deposits and withdrawals of XLM, Stellar’s native token, due to ongoing problems.
Since the news of outage, the token price has taken a plunge, rising from ~ $ 0.57 to ~ $ 0.49 at press time.
We have temporarily suspended deposits and withdrawals of XLM dollars due to issues on the @ StellarOrg network. We are monitoring the situation and will keep you informed. Stellar’s status page: https://t.co/iL7a31OgaL
– Bitstamp (@Bitstamp) April 6, 2021
The incident was unprecedented for Stellar – a $ 11 billion blockchain running multiple crypto projects, including the second largest stablecoin, USD Coin (USDC).
Blockchains depend on complex encryption and continuous synchronization between validators to keep the network running. Stellar is no different. However, small software errors can lead to sporadic malfunctions.
In December 2020, Solana, a blockchain to prove its use, faced a failure as an unknown software bug prevented the auditors from confirming new blocks.
Note: This is a evolving story and will be updated with new information.
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