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The Celo blockchain has stopped transactions verification mechanism after the network all of a sudden stopped block production at block 14,035,19 (06:20 p.m. ET on Wednesday).
As of press time, validators are still facing issues with identifying and resolving the outage, which is lasting for more than 10 hours already. The Celo team declined to specify the nature of the problem, but reassured in the latest tweet that "all funds are secure."
Update: If you run a node, please join the validators-operators channel in Discord for an important update. A new Github release is available that mitigates an issue around block sizing and message capacity. All funds are secure.
— Celo (@CeloOrg) July 14, 2022
Celo is an open-sourced layer-1 blockchain network based on the Proof-of-Stake algorithm, fully compatible with Ethereum's virtual machine. Amid the news, the blockchain's native token — CELO — plunged by almost 5% from $0.85 to $0.81.
