Per Microsoft's official status regarding the incident: "Our actions to remediate impact across all of our Microsoft 365 services are ongoing. We're continuing to receive positive feedback that some Microsoft 365 services are fully recovered"
Microsoft said the issues was resolved. We're keeping an eye on their status page.
"The update has finished deployment to all impacted regions. Microsoft 365 services are showing decreasing error rates in telemetry. We’ll continue to monitor service health status. Additional information can be found at http://status.office.com."
Microsoft updated their status page with the following information:
"We are currently rolling out a mitigation worldwide. Customers should begin seeing recovery at this time, and we anticipate full remediation within 60 minutes. Additional information can be found at http://status.office.com or under MO244568 if available."
Microsoft has identified the issue and are working on a fix: "We've identified an issue with a recent change to an authentication system. We’re rolling back the update to mitigate impact, which we expect will take approximately 15 minutes. Additional information can be found at http://status.office.com or under MO244568 if available."
Microsoft has started to acknowledge issues with their Office 365 Suite. From their official account about the incident: "We're investigating an issue for access to multiple M365 services. Please visit the admin center post M0244568 for more information. We'll provide additional information here as it becomes available."