Suiball, a hardware wallet built for the Sui blockchain, has shut down before shipping a single device, according to a statement the team posted on X on Nov. 11. The project said it will refund every pre-order customer, with the announcement noting USDC refunds covering 80% of preorders. The report did not detail how the remaining share of preorders would be refunded.

In the statement, the team said the decision followed a series of attacks on wallet makers across the cryptocurrency industry. The closure means no units of the device will reach customers who had placed pre-orders.

Hardware wallets store a user's private keys on dedicated physical devices kept offline, an approach widely used for self-custody of cryptocurrency because the keys do not reside on internet-connected systems. Sui is a Layer 1 blockchain whose mainnet launched in May 2023 and which relies on the Move programming language; third-party teams in its ecosystem have built wallets and related infrastructure for the network. Suiball was a Sui-specific take on that self-custody format, and its shutdown means users looking for a dedicated offline device for the network will not have this option available.

USDC is a stablecoin pegged to the US dollar and issued by Circle, meaning refunds denominated in the token track the value of the US dollar. For pre-order customers, the payout therefore arrives as a dollar-pegged token rather than the hardware they ordered.

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