We've now resolved the incident. Thanks for your patience. :-)
Infrastructure has been updated, API now back up and running at full speed. The team are still working on the memory leak but media uploads should be up and running fully.
We're currently updating the infrastructure to allow for quicker image generation, API will be down temporarily.
We've discovered a small memory leak over the last 2 hours that is causing issues uploading media files, we're currently patching this issue right away.