Sui Network Goes Down for Hours, Just Months After the Last Downtime
The Sui layer-1 blockchain experienced a major outage on Thursday, resulting in over five hours of network downtime as engineers worked to deploy a fix. This follows similar incidents, including a six-hour outage in January and earlier validator issues in 2024 that blocked transactions. The outage caused Sui’s native token (SUI) to drop 5.4% in price within 24 hours, underperforming major coins like Bitcoin and Ethereum. SUI ETFs were recently introduced by Canary and Grayscale, providing traditional investors with exposure and staking rewards. Launched in 2023 by Mysten Labs, a Meta spinoff, Sui previously raised $300 million at a $2 billion valuation. The SUI token, which reached an all-time high of $5.35 in January 2025, has since fallen by more than 82%.
