From theblock by Yogita Khatri

The Sui  SUI +3.95%  Network's status pagenow shows "all systems operational," indicating that the network is back up. The resolution was the rollout of the v1.37.4 patch on Mysten Validators, which was announced publicly for immediate deployment.

"The 2-hour downtime was caused by a bug in transaction scheduling logic that caused validators to crash, which has now been resolved," Sui Network confirmed on its X page.

Sui Network, a Layer 1 blockchain developed by Mysten Labs, hasn't produced new blocks on its mainnet for nearly two hours, leaving the blockchain effectively stalled.

The Sui Network's status page confirms a "major outage," with validators down, and states that the team is investigating the issue. Neither Mysten Labs nor the Sui Foundation has officially commented on the outage yet.

Blockchain outages typically result in failed transactions and an inability to access decentralized applications running on the affected network.

The SUI token is down nearly 10% over the last 24 hours, currently trading at around $3.42, according to The Block's SUI price data. The token is ranked 18th with a market cap of $9.8 billion.

This is the first time an issue with Sui mainnet validators has occurred since the mainnet launched in May 2023, according to the status page. However, there was a "major outage" in July 2024 related to Sui mainnet's public remote procedure call (RPC) nodes, where they crashed when trying to process transactions. That issue was eventually resolved. Earlier this month, Sui Network's testnet validators also encountered an issue preventing them from accepting new user transactions, which was later resolved.

Mysten Labs has raised a total of $336 million in funding to date and is backed by high-profile investors, including a16z Crypto, Coinbase Ventures, Binance Labs and Circle Ventures. The company was valued at over $2 billion in 2022 following its $300 million Series B round.

This article's headline and content have been updated as more information became available.