Suiet wallet shuts down as Sui DeFi deposits fall 22% in a month

Suiet, a self-custodial wallet built for the Sui blockchain, will stop updating and supporting its wallet, with API services set to end after Nov. 14. The closure adds to a run of exits from the Sui ecosystem as decentralized finance deposits fell to about $413 million, down more than 22% over the past month, according to DefiLlama data. For holders, the practical issue is moving funds and finding another wallet before support ends.

Closures, user drop and rising transactions

Suiet said it will discontinue wallet updates and support, keeping API services running only through Nov. 14. Its shutdown immediately follows the Sui-based hardware wallet project Suiball announcing its closure on Nov. 10. Wallet provider Phantom ended support for Sui in September, while DeFi project Full Sail shut down following a security incident involving Switchboard that caused about $91,000 in losses. Cointelegraph reported it had contacted the Sui Foundation and Suiet for comment but had not received responses by publication.

Token Terminal data shows Sui averaged about 128,000 daily active users in October, down from 601,000 in November 2025, a decline of around 79%. At the same time, transactions on Sui reached 324 million in October, up from 101 million in November 2025. Kadan Stadelmann, former chief technology officer of Komodo Platform, said Sui's problems seem to be mostly economic, resulting from expensive engineering costs and low user volume rather than protocol failures, adding that no flaw in the core design has been found. He also said multi-chain wallets have expansive attack surfaces and Sui's approach adds costs for vendors.

What Sui users should check now

Anyone holding assets in Suiet needs to confirm access to seed phrases or private keys and prepare to import them into another wallet that supports Sui before maintenance and API services stop. The same applies to users of Suiball, Phantom's Sui integration and Full Sail, where positions may need to be closed or moved. Network outages add another operational risk: Sui had four outages in 2026 with around 22 hours of combined downtime, including about six hours in January and three more outages on May 28 and 29 linked to software bugs. During such periods DeFi users can be unable to trade, transfer funds or manage positions.

This account does not prove that funds in Suiet are unsafe, nor that the Sui network itself has failed. The Sui Foundation said no user funds were at risk during its May disruptions, and Stadelmann described individual wallet exits as a reflection of business risks rather than an indictment of the protocol. What remains unknown is how many projects will continue to support Sui if active users stay low while engineering costs remain high. The story affects Sui wallet users and DeFi participants directly, not holders on other networks.