Suiball, the hardware wallet designed specifically for the Sui blockchain, announced its closure on November 11, adding that the on-chain pre-orders will be refunded in USDC within a week.
This comes a month after Suiball paused shipments in an effort to undergo additional security audits recommended by Mysten Labs and Sui Network teams.
Explaining the decision in an announcement on X, the team pointed to a series of attacks on hardware wallets across the cryptocurrency industry. Suiball said the Sui Foundation had determined that the risks of backing such a product were currently too high. The team accepted that verdict, citing the foundation’s focus on protecting users and the ecosystem.
“After years of intense development and a finished, working product, it’s hard to say that we have to close Suiball down,” the team wrote.
Buyers who ordered directly on-chain will get their money back as an automatic USDC airdrop, with the first round of payments due within the next week. These purchases account for approximately 80% of all pre-orders, according to Suiball. Refunds will go to the wallets holding the soulbound NFTs issued when customers reserved their devices. Eligible customers will not need to submit a claim or complete any additional steps.
The shutdown comes closely in the heels of a similar development. Suiet closed immediately after Suiball, which had announced its own closure on November 10
