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 a developing story and will be updated as new information becomes available.
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