Sui‑native hardware wallet Suiball announced its closure and will refund all pre‑order customers in USDC after the Sui Foundation deemed the project too risky.
The Sui‑native hardware wallet project Suiball announced on November 11 that it is shutting down and will return all pre‑order funds in USDC. The decision follows advice from the Sui Foundation, which judged continued support for the wallet to be too risky amid a series of recent hardware‑wallet security incidents across the crypto industry.
Suiball said roughly 80% of its pre‑orders were placed on‑chain via soulbound NFTs. Those customers will receive an automatic USDC airdrop to the same wallet that holds the NFT, with the first batch expected within the next week and no further action required. Buyers who paid with credit cards must submit a Sui wallet address to the project’s official email address; a second USDC airdrop will be issued once the addresses are collected.
According to crypto.news, the Sui Foundation’s assessment came after a string of high‑profile hardware‑wallet breaches, including incidents at Keystone, Trezor and BitBox earlier in the year. While Suiball had completed development and entered manufacturing, the team postponed shipments in October to conduct additional independent security audits after discussions with Mysten Labs and the Sui Network team. The foundation ultimately decided the risk profile was too high for the ecosystem, prompting the shutdown.
Suiball pledged to permanently delete all personal data collected for the pre‑order process once refunds are completed. The company will formally cease operations after the refund process concludes. No information was provided about the fate of the finished hardware units.
Investors and Sui community members should monitor the refund timeline to ensure timely USDC distribution, especially for credit‑card purchasers who must provide wallet addresses. Additionally, the Sui Foundation’s future stance on third‑party infrastructure projects may influence other ecosystem initiatives.
Suiball expects the automatic USDC refunds to be sent to on‑chain wallets within a week of the announcement.
Credit‑card purchasers must email the official Suiball address with a Sui wallet address, after which a USDC airdrop will be sent to that address.
The project has committed to permanently delete all personal information collected for the pre‑order once the refund process is complete.
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