Suiball has suspended operations and announced USDC refunds for all pre-order customers on November 11, 2026. The Sui-based hardware wallet project made the decision after the Sui Foundation declined to provide further support over security concerns. The decision came just before the company planned to ship its first batch of devices to customers.
The shutdown follows several security attacks targeting hardware wallets across the cryptocurrency industry. Although Suiball had completed product development and entered manufacturing, the foundation considered the risks too high. The project will now return customer payments through two separate refund rounds.
Suiball said around 80% of its pre-orders came through on-chain payments. These customers will receive automatic USDC refunds in wallets holding their soulbound pre-order NFTs. Eligible customers should receive the first round of refunds within a week, without taking any additional steps.
Customers who purchased the hardware wallet using credit cards will follow a different refund process. Suiball plans to email these buyers and request their Sui wallet addresses. The company will then send their USDC refunds through a second airdrop.
The team also warned customers about possible refund scams during the process. Suiball clarified that it will never request seed phrases or additional payments. Customers should only trust official emails from info@citadelwallet.io when sharing refund details.
The company also plans to permanently delete customer information after completing all refunds. This includes names, email addresses, phone numbers and delivery details.
The closure follows an earlier shipment delay announced on October 21. At the time, Suiball postponed deliveries to conduct additional independent security checks. The founder explained the decision by saying, 'We'd rather ship late than ship anything we haven't tested against today's threats.'
The project also follows wider security concerns within the Sui ecosystem. In April, Sui-based DeFi protocol Volo reported a security breach involving approximately USD 3.5 million in digital assets.
Suiball's shutdown highlights how security concerns can affect even completed crypto products. The project will close permanently after processing all customer refunds.
Also Read: Sui Foundation Invests USD 30M in DATA Network as AI Data Protocol Moves to Sui