Sui Network Blockchain Outage: Causes and Consequences
Date: 2024-11-22 Author: Gabriel Deangelo Categories: BLOCKCHAIN
The outage was confirmed through the official Sui Network account in X, where the developers reported the network's inability to process transactions. The reason for the shutdown was an error in the transaction scheduling logic, which disrupted the work of the validators. Thanks to the prompt support of the validators and the release of the corresponding fix, the network was fully restored.
The incident also affected the activities of the South Korean exchange Upbit, which temporarily suspended operations with deposits and withdrawals of SUI coins.
The Sui Network outage affected the market value of the SUI coin. Within a few hours, its price fell by almost 2%, reaching $3.35. However, the rate later recovered to $3.64. Despite the temporary decline, over the past month, SUI has shown a significant increase in value, increasing by almost 75%. With a current market cap of $10.35 billion, SUI ranks 14th among all cryptocurrencies.
The Sui Network’s last major outage occurred in February. However, the project faced a more serious challenge in October when South Korea’s Financial Supervisory Commission (FSC) accused it of market manipulation after the value of the SUI token plummeted. Sui Network officials denied the allegations, saying they were baseless.
Despite its current difficulties, the Sui blockchain continues to be one of the most prominent platforms in the cryptocurrency industry.
