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Crypto

Sui Network's Lending Platform AlphaFi Shuts Down Amid Price Surge

Guavy AI Editorial Team
Instruments
SUI ALPH PHA ALPHA
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Sui Network has been dealing with a major issue after AlphaFi, its lending platform, announced it would be shutting down due to a misconfigured oracle for ALPHA. The incident resulted in loans being made with less collateral and created bad debt on AlphaLend.

The Sui Security Team identified the problem and worked with the Sui Foundation to resolve it, allowing users to pay off debts and withdraw their funds before AlphaFi's shutdown.

Despite this setback, the price of SUI has continued to rise, reaching $1.17 at press time with a market cap of $4.81 billion and daily trading volume of $1.78 billion.

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