Suiball shuts down before shipping wallet, promises refunds

Suiball announced on November 11 that it would shut down its Sui-focused hardware wallet project before shipping any devices, and said it would refund preorder customers in USDC. The decision followed security concerns across the hardware-wallet industry and the Sui Foundation’s assessment, as described by Suiball, that backing the product posed too much risk.

The project had completed development and entered manufacturing, but its first devices had not been delivered to customers. Suiball said it accepted the Foundation’s decision, which it connected to the Foundation’s focus on protecting users and the Sui ecosystem. The Foundation’s own statement was not included in the accounts of the announcement.

Suiball said about 80% of preorders were placed onchain. Those customers are to receive automatic USDC refunds sent to the wallets holding the soulbound NFTs issued when they reserved devices. The team said the first round of payments was due within a week of its November 11 announcement, and that eligible onchain buyers would not need to file a claim or take further steps.

Customers who paid by credit or debit card are to be contacted by email and asked to provide a Sui wallet...