Blockchain networks house a lot of applications and coins, including the native tokens of the network. The Stellar blockchain has been down for a few hours now, with the last transaction on the network conducted roughly seven hours ago.
Stellar blockchain down for hours
The Stellar blockchain has been down for the past few hours. This latest development was pointed out by Twitter user Archon, who reported that the network had been down for the past few hours.
Archon tweeted that “The Stellar blockchain stopped 4 hours ago, and no one cares. People are posting bullish $XLM charts instead and talk about “low transaction fees.” What does this tell you?”
At the time of this report, the Stellar chain showed that no new transaction had occurred in the last seven hours. Stellar Lumen (XLM) is currently the twelfth largest cryptocurrency in terms of market cap.
Due to its status, Stellar is used by thousands of people globally. Hence, a situation like this hampers their transactions and could have a negative effect on the cryptocurrency. Archon’s post attracted a lot of comments, but most of them were targeted at other cryptocurrencies’ performance, such as Chainlink (LINK).
Bitfinex halts XLM withdrawals due to blockchain issue
Following the Stellar blockchain issue, cryptocurrency exchange Bitfinex announced it has temporarily suspended XLM withdrawals from its platform. The CTO of Bitfinex and Tether, Paolo Ardoino, tweeted about this, adding that the cryptocurrency exchange had to pause XLM withdrawals till the Stellar blockchain issue is resolved.
The Stellar team revealed that there are some issues with the Stellar Horizon service, with some validators dropping out of the network. However, the developers are working hard to solve the problem and restore the blockchain.
This latest development comes just a day after singer Akon announced that he would use Stellar Lumen to power the currency of his new futuristic city in Uganda.