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The company is working on restoring the service as we speak. We'll update this post with more news about the downtime as it comes in.
Do you have any sites affected by today's Wordpress.com outage?
[UPDATE]: Wordpress CEO Matt Mullenweg posted an update on WP's Twitter account that reads: "We're investigating the source & most expedient fix. I hope to have everyone's blogs back & running as soon as possible."