While it was stated that the last transaction block was created at 09:15 (UTC) on November 21, no new blocks have been produced on the blockchain since then.

Sui Network confirmed the outage in its statement from its official X account and stated that the system is currently unable to perform transactions. However, he reported that the problem has been identified and the solution will be implemented in a short time.

In the statement, “We have identified the problem and the solution will be implemented in a short time. Thank you for your patience; “We will continue to share the developments,” the statement said.
This outage negatively affected the price of Sui Network’s native token, SUI. SUI token started trading at $3.41, losing approximately 2% in value in the last hour. Additionally, the price of SUI decreased by 7.29% in the last 24 hours. However, it is also stated that the SUI token has increased by 75% in the last month.

Currently, SUI is ranked 18th in the cryptocurrency rankings, with a total market cap of $9.7 billion and a fully diluted valuation of $34 billion. The circulating supply of the SUI token is recorded as 2.8 billion units.

Due to the outage, South Korea-based cryptocurrency exchange Upbit announced that it has temporarily suspended deposits and withdrawals for the SUI token. In Upbit’s statement, it was stated that the funds of users who made SUI deposits or withdrawals following the announcement may not be recovered.

The outage also resonated in the cryptocurrency community. Many industry figures commented on the situation on the X platform and offered criticism, citing Sui Network’s aim to become “Solana’s biggest competitor”.

Interestingly, the Solana blockchain has also been subject to similar outages in the past. The last outage occurred in February this year.

Some users suggested that Sui Network was repeating Solana’s history. “Sui is just repeating Solana’s history,” one user said, while another said, “Didn’t Solana crash many times too?” he asked.

Cryptocurrency YouTuber Ajay Kashyap said in his post on the X platform, “SUI blockchain crashed. “They claimed to be the Solana Killer,” he said.

It is a matter of curiosity how this outage in Sui Network will affect the reliability of the blockchain and its long-term effects on investors. But the Sui team’s effort to quickly resolve the outage may provide some confidence in the community.

However, considering the past outage issues of competitors like Solana, it’s clear that Sui Network needs to prove itself.

Such disruptions in the cryptocurrency industry bring to the fore the need to re-evaluate the operational sustainability and reliability of decentralized networks. Investors and users expect more transparency and quick solutions in this process.