Sui Network blockchain down for more than two hours

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As a researcher with years of experience in the dynamic and often unpredictable world of cryptocurrencies, I find myself intrigued by the current situation unfolding with the Sui Network. The blockchain’s unexpected downtime is indeed reminiscent of certain events we’ve witnessed before, most notably with Solana.

It appears that the Sui Network might have been offline for over two hours, as no fresh transaction blocks have been generated since November 21 at 9:15 UTC.

According to the most recent information available on Sui Network’s exploration platform, Sui Vision, the decentralized blockchain at layer-1 has been inactive and not generating new blocks for over two hours.

As I write this, the latest transaction was processed on November 21st, at 9:15 am UTC time. It appears that since then, our blockchain has not generated any new blocks.

As a crypto investor, I’ve encountered an issue with the Sui Network. Their official account confirmed an outage, explaining that the blockchain is temporarily incapable of processing transactions at the moment. Yet, they assure us that the problem has been detected and they are working diligently to restore normal operations soon.

As an analyst, I’ve pinpointed the problem and a swift resolution is on its way. I thank you for your understanding and assure you that further developments will be shared as they occur regarding X.

Alert Notice: The Sui system temporarily cannot perform transactions due to an ongoing outage. We’ve found the problem and are working to resolve it quickly. Thank you for your understanding, we’ll keep you informed with updates as they become available.

— Sui (@SuiNetwork) November 21, 2024

It appears that the recent outage of Sui’s blockchain may have influenced the price of its token. As per crypto.news data, the value of the SUI token has decreased by approximately 2% over the past hour and is currently being transacted at $3.41. Over the last day, SUI has experienced a drop of around 7.29%.

Even though, the token has gone up by nearly 75% in the past month.

At this moment, SUI is positioned at the 18th spot among all cryptocurrencies. It boasts a market capitalization of approximately $9.7 billion and a fully diluted valuation that reaches up to $34 billion. In circulation, there are around 2.8 billion tokens of the Sui token.

Upbit, a cryptocurrency exchange from South Korea, has decided to momentarily halt deposit and withdrawal activities related to the Sui token because of an issue with its block generation.

The message alerts users that if they make transactions involving Sui tokens following the posting of this announcement, there’s a possibility that their funds may become irretrievable.

As a researcher delving into the world of cryptocurrencies, I’ve noticed a flurry of comments from key figures within the industry regarding the recent downtime experienced by the Sui Network. Interestingly, many of these commentators hinted at Sui’s ambition to dethrone Solana as the market leader. Ironically, it’s worth noting that Solana itself has a history of outages, with its most recent one occurring in February of this year.

“Sui [is] just repeating Solana history,” said one X user.

“Hasn’t Solana gone down multiple times?” asked another X user.

According to crypto YouTuber Ajay Kashyap, posted on his channel, the SUI blockchain is currently not functioning, and he had previously referred to it as a potential competitor of Solana.

$SUI blockchain is down 🔻

And they claimed to be a Solana Killer 🤷🏻

— Ajay Kashyap (@EverythingAjay) November 21, 2024

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2024-11-21 15:12