On November 21, 2024, the Sui blockchain network experienced a two-hour outage, halting block production and causing the network to stop processing transactions. The incident was caused by a scheduling logic error that led to validators crashing, and it had an immediate impact on the network’s native cryptocurrency, SUI. According to CoinGecko data, the token fell roughly 11% after the news of the outage broke, but quickly started moving back up after the fix was announced.

This incident serves as a reminder of the importance of parametric insurance for insurance executives. With the rise of blockchain technology and the increasing reliance on it for financial transactions, it’s crucial to have insurance policies in place that can protect against network outages and other technical hiccups.

The Sui outage is just one example of a recurring theme in the industry. Other blockchain networks, such as Zilliqa, Ethereum’s layer-2 solution Starknet, Canto, and even Solana, have experienced similar downtimes this year. These incidents highlight the need for insurance policies that can provide coverage for network disruptions and other technical issues.

At Riskwolf, we offer parametric insurance solutions that can help insurance executives protect their businesses against these types of risks. Our unique real-time data and dynamic risk modeling enable insurers to build and operate parametric insurance at scale, providing simple, reliable, and fast coverage for network outages and other technical issues.

Don’t take chances with your business’s financial security. Get in touch with Riskwolf today to learn more about how our parametric insurance solutions can help protect your business against network outages and other technical risks. Follow Invezz on Telegram, Twitter, and Google News for instant updates on the latest blockchain news and developments.

Source: Invezz