The PlayStation Network (PSN) has apparently been hit by a major Y2K-style bug, which has, for the last 24 hours or so, affected the PlayStation 3 users round the world - they cannot sign into the PSN, or play games on the PSN servers, or download any new content.

This debilitating error, preventing connection to PSN, is apparently due a hardware or firmware issue affecting some pre-slim PS3 models. The problem is hampering not only online gameplay for the users, but also offline gaming for titles with dynamic trophy support.

In a post on its Twitter page, Sony has acknowledged the existence of some PS3 error, and has said that it is "looking into the problem." The company has asked the users to stay tuned for the company's updates to address the issue.

Reports to the company have revealed that the 120GB and 250GB "Slim" models are operating normally; thereby implying that the issue is only affecting the older "fat" consoles.

Meanwhile, on a NEOGaf post, writer Patrick Talbert has explained the issue as follows: "Something with the PS3's internal clock has borked in some pre-slim models. This is not a PSN issue; it has to do with your PS3's clock. It seems to be a leap year bug. Setting your clock ahead will do nothing. All PS3s around the world were affected at the exact same time."