Crypto Mobile Payments Platform Suffers Network Outage but Says Funds Are Secure

Blockchain-based global payments platform Celo suffered a brief network interruption for the first time in over two years.

In a series of posts beginning on Wednesday, Celo provided a rolling tally of updates via Twitter to alert users that its network had stalled, while also explicitly stating that all user funds were safe.

An early update said the network had stalled for a second time after block production restarted.

“Update: Validators are working to restart the network. Block production resumed briefly, however stalled again.

Validators, please join the validators-operators channel on Discord and follow the posted instructions to update your node. As previously stated, all funds are secure.”

Exactly 24 hours after the initial alert, Celo followed up, saying the issue was successfully resolved and data analysis would commence ascertaining what caused the initial outage.

“Update: Celo validators have resolved the network’s first outage since mainnet launch on April 22, 2020.

A thorough and expedited technical analysis is ongoing and details will be readily shared with the Celo community.”

News of the network stall first caused Celo to drop 4.8% from $0.82 to $0.78, but the altcoin has since rallied.

At time of writing, CELO is up 12.8% from the daily low and trading for $0.88.

Just this week Celo announced the launching of ReFi Summer, “a social media movement promoting awareness for regenerative economics while encouraging investors and protocols to meaningfully participate in global voluntary carbon markets.”

The initiative is a joint campaign with the Uniswap (UNI) decentralized exchange and the Climate Collective to acquire and utilize liquidity as part of the broader goal of promoting “a regenerative rather than extractive economy.”

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Featured Image: Shutterstock/Dmytro Vikarchuk/Sensvector

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