Did Arbitrum (ARB) Crash? The network has not been processed for 50 minutes

It was observed that no new blocks were produced in Arbitrum, the Ethereum second layer (L2) scaling solution, for approximately 1 hour.

While investors made statements about the collapse of Arbitrum, there was no statement from Arbitrum regarding the incident.

Ummm… is @arbitrum working atm? pic.twitter.com/aJpPFLFH81

— jaimin.jaimin (@Jaimin_Building) December 15, 2023

As Bitcoin fell below $42,000, altcoins also retreated, while the decline in ARB reached 4%.

Volatility may increase depending on the news flow in terms of ARB in the coming hours.

Update

A statement came from the Arbitrum team.

“The Arbitrum One Sorter stopped at 10:29 AM ET during a significant increase in network traffic.

“We are trying to resolve the issue as quickly as possible and will provide details of the incident as soon as possible.”

The Arbitrum One Sequencer stalled at 10:29 AM ET during a significant surge in network traffic.

We are working to resolve as quickly as possible and will provide a post-mortem as soon as possible.

More details here: https://t.co/NBlzFuPFro

— Arbitrum (💙,🧡) (@arbitrum) December 15, 2023

*This is not investment advice.