Crypto Mobile Payments Platform Suffers Network Outage But Says Funds Are Safe

Global blockchain-based payment platform Celo suffered a brief network outage for the first time in more than two years.

In a series of posts beginning Wednesday, Celo provided a continuous tally of updates via Twitter to alert users that its network was at a standstill, while explicitly stating that all user funds were safe.

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

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

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

Exactly 24 hours after the initial alert, Celo followed, saying the issue has been successfully resolved and data analysis has begun to determine the cause of the initial failure.

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

Extensive and expedited technical analysis is underway and details will be readily shared with the Celo community.

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

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

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

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

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Featured image: Shutterstock/Dmytro Vikarchuk/Sensvector

Casey J. Nelson