The Phantasy Star Universe and Sega of America website became inaccessible a few hours ago. At the moment it appears no one is able to connect to the PC/PlayStation 2 or Xbox 360 servers. According to the Japanese Xbox 360 page, the Japanese team is aware of the trouble and believes it is an "issue with an American ISP." There is currently no timetable for when the game servers will be accessible again. This story will be updated as new information becomes available.
Update #1: Word has come in from SEGA via momonpso, one of the moderators at the official PSU message board, that the problem is a Silicon Valley-wide internet outage caused by a cut fiber optic cable. For more information, please see the full story at CNET.
Update #2: According to a post by RubyEclipse, the Sega website and official forums are now accessible.
Update #3: The Xbox 360 and PC/Playstation 2 servers are now back online.
Update #4: A large number of people are experiencing laggy playing conditions and disconnections on the PC/Playstation 2 and Xbox 360 servers. In addition, it appears the fiber optic cable cut was an act of sabotage.
Update #5: Based on the input from several people, it appears that most of the server latency has been removed.
Update #6: Despite the servers being generally accessible, players may still be prone to disconnects and other common connection issues. After a few updates, the Japanese Xbox 360 page still mentions the possibility of problems communicating with the servers. AT&T reports that full restoration should be apparent soon to their customers in the affected areas.
Update #7: A short maintenance was reported to have been held on Friday. As of now, any issues that may have resulted from the sabotage as far as the PSU servers are concerned should be taken care of.
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