The issue is specifically concerning a data corruption problem affecting the consoles,
“We’re releasing a new Hotfix that will target the data corruption issue on the Xbox platform.This is just a repack of the fix that was made last week on the 9th of November meaning that you should now be able to get back to your characters.”
There will be a new Producer Letter as well coming soon, so be sure to keep a lookout for that when it arrives. In recent news, Atlas received a wipe as the trade market received a new update recently. The patch also touched on crafting, market changes, resource changes, sea forts, ships, warehouse, miscellaneous changes, and known issues.
A recent Q&A by the team also touched on bug fixing and optimizing before adding new features. They actually wrote at the time,
“…but we think it's fair to say that this is a long way off. Atlas has many bugs and systems that need to be optimized / improved. Once we get that down, we can expand into this kind of territory. “