PS3 users from all around the world have reported that their console is experiencing a number of bugs including not able to connect to Playstation network or save and access data.

The problem only seemingly affects older PS3 models and not slim versions.

Sony Sr. Director Patrick Seybold has issued an official statement regarding this bug after just a day.

We are aware that the internal clock functionality in the PS3 units other than the slim model, recognized the year 2010 as a leap year.

Having the internal clock date change from February 29 to March 1 (both GMT), we have verified that the symptoms are now resolved and that users are able to use their PS3 normally.

If the time displayed on the XMB is still incorrect, users are able to adjust time settings manually or via the internet. If we have new information, we will update you through the PlayStation.Blog or PlayStation.com.

We apologize for any inconvenience this may have caused.

It the problems lies within the internal clock and simple adjusting of the time settings would fix the problem.

Official statement link here.