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.
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.”
*This is not investment advice.