Bungie says it has once again pinpointed the problem that caused players to lose items. It's rolling player accounts back to the state they were in at 11:30 AM Tuesday morning before Hotfix 2.7.1.1 went live. Destiny 2 will stay offline until Bungie finishes its maintenance work, which might last until 7 PM PT/10 PM ET. It'll continue to provide updates through the Bungie Help Twitter account.

Update: Destiny 2 servers are back online, and as Bungie indicated, were rolled back to everyone's status as of earlier this morning.