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The queue drained and conversions are running normally again.
Due to the downtime there is a huge backlog of conversions that needs to be processed. The queue is working through the backlog and slowly draining.
There is a general network issue in the AWS Frankfurt region which causes the performance issues.
Also see: https://status.aws.amazon.com/
We are seeing increased error rates (500 server error) and slow loading times. We are working on getting the issue resolved.