The Sui Foundation team said on X that it will provide a full incident report "in the coming days." Decrypt reached out to the Sui Foundation and Mysten Labs for comment, but did not immediately receive a response.
The Sui network is now back and fully operational. Transactions are flowing normally. If you are still seeing issues, please refresh your app or browser window. Thanks for your patience. We will share a full incident review in the coming days.
Please check…
— Sui (@SuiNetwork) January 14, 2026
This marks the second major outage in the Sui network's history following an event in November 2024. "All validators were stuck in a crash loop, preventing all transaction processing," the foundation wrote in a blog post about the November outage.
The network was developed by Mysten Labs and launched in May 2023. Mysten is led by several former senior executives and architects for Meta’s now-defunct digital wallet program, Novi.
The $SUI token, which launched the same time as the network, has barely been affected by the outage. At the time of writing, $SUI was trading for $1.85 after having gained 0.2% in the past day. It's now 1.4% higher than it was this time last week, according to crypto price aggregator CoinGecko.
Sui was launched as a so-called Solana killer, aiming to beat its competitor on speed and throughput. Sui sets itself apart from some earlier blockchain ecosystems by allowing parallel processing of transactions and horizontal scaling, which allows it to maintain low transaction costs.
The Sui network currently holds just over $1 billion worth of assets, according to data from DeFi Llama. That figure had been on the decline since October, when the network held $2.6 billion worth of assets.
It slid below $1 billion in early December, the same time the broader crypto market saw prices sag, has been steadily climbing since the start of this year.