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Sui Network, a well-known Layer-1 blockchain, experienced a significant outage that shut down its mainnet for almost two hours. This problem was caused by a bug in the network’s transaction scheduling system, leading to the validators’ crash.
Validators are essential to the Sui Network. They process and validate transactions, helping to keep the blockchain secure. When they fail, the entire network can stop working, and users cannot transact or use the platform’s decentralized applications (dApps).
Sui Network is Back Up and Operational
However, Sui Network recently posted on X to confirm that the issue has been fixed and the network is now fully operational. “The team stated that the network is back up and processing transactions.” The team assured users that they had identified and resolved the underlying problem.
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Sui’s quick recovery from the recent issue showcases its commitment to keeping the network reliable. However, this event raised essential discussions about the need for thorough testing and robust fault tolerance in blockchain systems. Outages can happen in the blockchain world, causing temporary disruptions and a lack of trust in decentralized networks.
Meanwhile, the Sui network team will strengthen its infrastructure to prevent future issues. The SUI token fell by 10% but has slightly recovered after fixing the network problem. According to CoinMarketCap, the SUI token is trading at $3.65, a 0.06% decrease in the last 24 hours.
Sui Network’s Recent Momentum
Recall that the prominent blockchain integrated the native USD Coin (USDC) and the Cross-Chain Transfer Protocol (CCTP) to enhance its scalability and interoperability. This development will significantly expand Sui’s ecosystem. Meanwhile, this latest move comes shortly after Grayscale Investments opened its Sui Trust to qualified investors.
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In recent months, Sui has seen a resurgence in its total value locked (TVL). After dropping from $1.08 billion in May 2024 to $516 million by early August, SUI’s TVL has rebounded to over $700 million. According to data from DefiLlama, this made it the 10th largest blockchain in terms of TVL.
MoneyGram Faces Multi-Day Outage
In September, MoneyGram, one of the world’s most extensive money transfer services, grappled with an outage following a cybersecurity breach that affected its systems for several days. The company confirmed the disruption, attributing it to a “cybersecurity issue.” MoneyGram took some of its systems offline, impacting its network connectivity and services.
While MoneyGram did not disclose specifics on the nature of the breach, it has reassured users that pending transactions will be completed once its systems are fully operational. However, a clear timeline has yet to be provided for when services will return to normal. MoneyGram’s incident comes during a time of increasing cyber threats targeting the financial sector, with 2024 already seeing a sharp rise in ransomware attacks.
