Though the problems were reported promptly, the server wasn't rebooted until its usual maintenance period over six hours later. In a feat of remarkably bad timing, the server problems happened on a national holiday in the UK, and so the developers at Frontier were taking time off to celebrate the new year. There has been no official announcement on the problems yet, and players are speculating on the damage that would be caused or reversed if Frontier performed a server rollback. Reports from the Elite forum suggest that developers may not be back to work until as late as January 5th, at which point it's unlikely that developers will roll the server back.
The damage from last night's errors continues to cause problems today. One player was left shipless and unable to log in when the server reversed a ship purchase transaction, and another's ship teleported back across the galaxy and is being held hostage at a station with no shipyard. Dozens of players have reported broken cargo holds or missing cargo and credits, and one player logged in this morning to find 5 billion credits sitting in his wallet. These events have naturally prompted a resurgence of complaints about Elite's always-online gameplay, as players have found themselves unable to play without problem even in solo mode.
We have reached out to Frontier for comment.