Suiball Cancels Hardware Wallet Launch and Refunds Preorders in USDC After Security Review

Key Takeaways:

• Suiball is shutting down, yet its initial batch of hardware wallets has yet to reach its customers.
• Approximately 80% of the pre-orders were made onchain and a percentage of these will receive a USDC refund.
• According to the team, the Sui Foundation has recently suspended its backing of the project due to fear of attacks on the hardware wallets.

Despite being developed and starting to manufacture in this hardware wallet space, Sui-native hardware wallet project Suiball is literally shutting its doors.

The team said the decision followed a reassessment of hardware wallet risk by the Sui Foundation, leaving the project to close before shipping its first production batch.

Suiball Refund Announcement

Thank you to everyone who supported us on this journey.

We set out to build a secure hardware device that was more than just a hardware wallet: one fully native to Sui. We did it. Suiball went into manufacturing, and we were
ready to ship the first batch to our supporters.

After a wave of recent hardware wallet attacks across the industry, the Sui Foundation decided the risk of backing a hardware wallet project was too high right
now. We understand that decision. Sui puts the security of its users and ecosystem first.

Still, after years of intense development and a finished, working product, it’s hard to say that we have to close Suiball down. That’s the nature of building an ambitious startup. We had the right intentions and the right capabilities, but this one wasn’t meant to be.

How refunds work:

???? On-chain pre-orders (~80% of orders): You’ll get your refund in USDC, airdropped straight to the wallet that holds your soul bound pre-order NFT. You don’t
need to do anything. This will happen within the next week.

???? Credit card pre-orders: You’ll get an email asking for a Sui wallet address. Your refund will be airdropped there in USDC. We’ll run a second airdrop once addresses come in.

???? All the personal information you gave us for device delivery, including your name, email, shipping address, and phone number, will be permanently deleted once
refunds are complete. We won’t keep any records.

⚠ We will never ask for your seed phrase, private key, or any payment. Only reply to emails from [email protected]

Suiball will officially close once all refunds are complete. Thank you for believing in us.

— Suiball | Sui + Bitcoin Native (@suiballO) November 11, 2026

Suiball Ends Hardware Wallet Project Before First Shipment

When it was made, Suiball said it already had a working device and had stepped up to manufacturing.

The team further revealed that, amidst some recent attacks by hardware wallets in the crypto industry, the Sui Foundation decided that launching the project was too risky to entrust clients at this time.

Suiball explained it knew of the decision, and that user security is the Foundation’s priority.

This closure was particularly significant as the product was far beyond the prototype phase. Suiball’s website featured a Sui-native device that offers native support for Sui transactions and move contracts, as well as Bitcoin support, NFC, bluetooth and secure element.

Read More: Sui’s Hashi Launches With $500M to Turn Bitcoin Into Productive DeFi Collateral Markets

Onchain Buyers Will Receive Automatic USDC Refunds

Refunds will depend on the way customers paid initially. Suiball estimated that 80% of pre-orders were done on-chain. Such a user will get USDC directly to the wallet where the user’s soulbound pre-order NFT is stored, without the need for any claims process.

The first refund, worth 400,000 Steller’s, will arrive within a week. The customers of the credit card will be getting an email instead now asking him/her to provide a Sui wallet address. Once those addresses are collected, Suiball will be refunding USDC as of a second round.

The team also alerted its customers that it will not ask them for seed phrases, private keys or extra payments during the procedure.

Customer Data Will Be Deleted After Refunds

Personal details used for device delivery purposes will be wiped after all the refunds are done, Suiball said. That means names, email addresses, shipping information, telephone numbers and so on. At the conclusion of the project, customer reimbursement will put the project out of service.

It follows a new and more conservative method of security Suiball had taken. The project previously held shipping up to allow for more audits instead of shipment now.

Its public product materials had positioned Suiball as the dedicated Sui wallet with touchscreens, EAL6+ secure element, Bluetooth, USB-C and NFC support.

Suiball’s pre-order site was still limited to cards and USDC, as the two refund methods are following suit at the moment to ease the strain on the project.

The team hasn’t claimed that there was a breach into the Suiball application, it said only that the third-party wallet app sustained the attack. The reasons it gives for closing are due to the larger risk assessment of any hardware wallet product and the disappearance of the Foundation’s backing.

Read More: Binance Restores 15 Networks After $6.3B Hack While Outflows Surge to $5.8B

The post Suiball Cancels Hardware Wallet Launch and Refunds Preorders in USDC After Security Review appeared first on CryptoNinjas.

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