The Sui blockchain, supposedly a viable rival to Solana, was down for over two hours today, causing its native SUI token to drop 5.6%.

The decentralized layer-1 blockchain described as a “Solana Killer,” created its last block at 9:15 am UTC before dropping out. As a result, SUI holders were unable to send the token anywhere. 

During the outage, SUI’s price fell from $3.56 to a low of $3.36. Its price is currently $3.64, according to CoinGecko.

The X account of Flow Finance, a decentralized exchange using the Sui network, said the blockchain was experiencing issues “related to validator operations.”

Read more: Solana wallet Phantom down due to ‘major incident’

“Rest assured, the Sui team is actively working on a resolution. Please note that all your funds are completely SAFU and secure,” it added. 

Currently, the Sui status site claims, “All Systems Operational.” It adds, “v1.37.4 patch has been rolled out on Mysten Validators and announced publicly for immediate rollout.”

An update from Sui posted to X said, “The 2-hour downtime was caused by a bug in transaction scheduling logic that caused validators to crash, which has now been resolved.”

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The post ‘Solana killer’ Sui does Solana things — goes offline for 2 hours appeared first on Protos.

Tron chief Justin Sun, accused by the Securities and Exchange Commission (SEC) of using a network of entities under his control to manipulate the price of crypto tokens he’s connected to, has had to explain a large transfer of TrueUSD (TUSD) to Binance that appeared to be intended to take advantage of a Binance promotion of the SUI token.

Binance offered an opportunity on its LaunchPool product for people to earn SUI by staking Binance Coin (BNB) or TUSD. Shortly after this, a large transfer of TUSD from Justin Sun to Binance was flagged on Twitter. Changpeng Zhao (CZ), the CEO of Binance, warned the firm will “take action” if Sun tries to claim the tokens.

Sun tweeted to explain that they’re a “partner market maker” for TUSD with a goal of “enhancing liquidity and trading volume.” Unfortunately, “some of our team members were not fully aware of the intended purpose” and “used a portion of them to participate in exchange campaigns,” they said.

Read more: What’s up with TrueUSD and the rest of TrustToken’s stablecoins?

Sun claims that after recognizing the mistake, they were able to arrange for a full refund of the funds connected to this misuse of the SUI LaunchPool, and apologized to Zhao for the mistake.

Sun was previously listed as the “Asia Market Advisor” on TrueUSD’s website. However, in a previous statement to Protos on March 22, Archblock (formerly TrustToken Inc., the California-based firm that is a a service provider for TrueUSD) said it has no current direct business relationship with Sun.

Protos has reached out to Archblock and Sun to clarify how the crypto entrepreneur is a “partner market maker” without holding a business relationship with the firm, and will update if we hear back.

Update 17:27 PM UTC, May 1: Archblock reiterated in its response to Protos that it holds no business relationship with Justin Sun. “Our business relationship is with Techteryx,” its spokesperson said.

Update 15:25 UTC, May 2: A previous version of this article described Archblock as the owner of TrueUSD, Archblock is a service provider for TrueUSD and TrueUSD is owned by Techteryx.

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The post Crypto market maker Justin Sun ‘accidentally’ takes advantage of SUI promo appeared first on Protos.