There was an announcement by a hacking group named "Lizard Squad" that they will hack PSN and Xbox Live on Christmas. Initially, nobody cared about their threat but they should have cared as Lizard Squad is known for taking down Call of Duty: Advance Warfare gaming site which they did a few months early.
Both PSN and Xbox Live authority assured gamers that nothing like that will happen to their network which went massively wrong. Both PSN and Xbox faced attacks from Lizard Squad which they are trying to hide by saying that it was a DDOS attack. Online gaming of both the consoles went down on Christmas in most parts of the world.
Both Xbox Live and PSN denied that it was a hacking attack. Though they couldn't confirm what was it about. The saddest part is that it took them ages to get things restored and obviously, they ruined the holidays of gamers. Xbox Live should get appreciation in this case because they came back live within 24 hours of the attack. Their background of Microsoft help them a lot to face this issue while Sony is still facing trouble. Though PlayStation Network has almost double number of members than Xbox Live, this cannot be used as an excuse.
This article is about good news at the end. When Xbox didn't announce anything special for this loss to their gamers, our source confirmed that PlayStation is going to offer 45 days free subscription to the PSN network for everyone who lost their money/time in this attack. They will do a press conference after they fix the total problem and this will be announced in that press-conference.
Single gaming giants like Rockstar also came up with offers to support gamers. They already said that their Christmas online fun for GTA V is extended till next notice so that people don't have to miss this fun.
Hopefully, the PSN users will calm down as they were very angry and disappointed with the approaches of PlayStation authority after this attack.