Crypto Mobile Payments platform suffers from network outages, but says funds are safe

The blockchain-based global payment platform Celo suffered a brief network outage for the first time in over two years.

In a series of posts beginning on Wednesday, Celo made sure of a rolling count of updates via Twitter to alert users that the network has stopped, while explicitly stating that all user resources were safe.

An early update said the network had stopped for the second time after block production resumed.

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

Validators, please join the validators-operators channel on Discord and follow the published instructions to update your node. As mentioned earlier, all means are safe. “

Exactly 24 hours after the first warning, Celo followed up, saying the problem was solved and data analysis would start to find out what caused the first power outage.

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

A thorough and accelerated technical analysis is underway and details will be easily shared with the Celo community. “

The news of the network halt initially led Celo to fall 4.8% from $ 0.82 to $ 0.78, but the altcoin has since risen.

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

Just this week, Celo announced the launch of ReFi Summer, “a social media movement that promotes awareness of 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 stock exchange and the Climate Collective to obtain and utilize liquidity as part of the broader goal of promoting “a regenerative rather than a recovery economy.”

Don’t miss a beat – Subscribe to have crypto email alerts delivered directly to your inbox

Check price action

Follow us on TwitterFacebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Check the latest news headlines

&nbsp

Disclaimer: Opinions expressed by The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl participates in affiliate marketing.

Featured image: Shutterstock / Dmytro Vikarchuk / Sensvector