Update: The following statement has been made by Sony on their Play Station Blogs:
"We believe we have identified that this problem is being caused by a bug in the clock functionality incorporated in the system.We hope to resolve this problem within the next 24 hours. In the meantime, if you have a model other than the new slim PS3, we advise that you do not use your PS3 system, as doing so may result in errors in some functionality, such as recording obtained trophies, and not being able to restore certain data."
We will keep you posted on the new development but for now it seems that next 24 hours are the one for Sony to revive its reputation.
The news fell like a thunderbolt on all the PS3 owners when they tried to connect to the PS Network for multiplayer Online Gaming.
The Sony's Play Station Network went down last night and still there has been no indication of when will be back up. Users started facing host of problems including 8001050F Error Codes.
Sony has confirmed that it is looking into the glitch and so far has not committed to any time lines for bringing it back online again.