SuiBall Team Ends Hardware Wallet Project; Full Pre-Order Refunds to Be Paid in USDC

The team behind SuiBall, the hardware wallet developed for the Sui network by Citadel Wallet, announced on November 11 that the project is coming to an end. According to the announcement, every pre-order will be refunded in full, with payments issued in USDC, the US dollar-pegged stablecoin, within a week. The team said refunds will continue until every buyer has been paid.

SuiBall was built as a hardware wallet for the Sui ecosystem. Hardware wallets keep a user's private keys on a dedicated offline device, a security model widely used to safeguard digital assets against online threats. Sui, the network the device was designed for, is a Layer-1 blockchain developed by Mysten Labs, a company founded by engineers who previously worked on Meta's Diem project.

USDC is a stablecoin issued by Circle that is designed to track the value of the US dollar. Settling the refunds in USDC means buyers will be repaid in a dollar-denominated token. That choice anchors each refund to a dollar amount: unlike a payout made in a volatile cryptocurrency, a USDC refund is designed to hold its dollar value regardless of how crypto asset prices move between the announcement and the payout, giving buyers a fixed measure of what they are owed during the wind-down.

The announcement did not detail the reasons for ending the project, and no compensation beyond the full pre-order refunds was disclosed. The observable markers from here are straightforward: whether the USDC payouts arrive within the one-week window the team committed to, and whether the team later shares more detail about the decision to shut the project down.

This article was first published by COINOTAG: https://en.coinotag.com/suiball-hardware-wallet-shutdown-usdc-refunds