Ctrl Wallet, a non-custodial multichain crypto wallet, said it will shut down its services following a security incident disclosed on June 23. The company is asking users to withdraw and transfer their assets within the next month and complete the process before Aug. 3, 2026. After that date, sending, receiving, swapping, and all other in-app actions will be disabled, with only recovery phrase export remaining available.
The wallet provider previously said the June 23 security issue affected some Cardano wallets on the platform. In response, Ctrl Wallet entered a temporary “maintenance mode,” saying the move was intended to protect user assets while its engineering team worked to restore full functionality. Its latest announcement now confirms that the service will be wound down instead of fully resuming.
According to the company’s blog post, the app will be removed from both mobile app stores and browser extension stores, while downloads are being stopped immediately. The announcement effectively gives users a limited window to move funds out before the service is fully switched off.
Users asked to move funds before the shutdown deadline
Before Aug. 3, users can still transfer assets from Ctrl Wallet to another exchange account or another crypto wallet. Once that deadline passes, users will no longer be able to perform normal wallet functions inside the app. Their only remaining option will be to import their recovery phrase into another compatible wallet provider. Ctrl Wallet said it strongly recommends exporting assets before the cutoff rather than waiting until after the service is disabled.
The company said users can export either a 12-word or 24-word recovery phrase and use it with compatible wallets including MetaMask, Trust Wallet, and Phantom. At the same time, Ctrl Wallet stressed that there will be no migration token and no airdrop tied to the shutdown, warning users to be cautious of fake websites or social media posts claiming to offer such incentives.
That warning is significant because shutdowns and migrations often create ideal conditions for phishing campaigns targeting wallet users. By explicitly stating that no token event or airdrop will take place, Ctrl Wallet appears to be trying to reduce the risk of users being tricked into revealing seed phrases or signing malicious approvals during the transition period.
On LinkedIn, Ctrl Wallet — formerly known as XDEFI Wallet — lists between 11 and 50 employees and more than 650,000 monthly users. The wallet has supported more than 2,500 blockchain networks, including Cardano and Midnight, making its closure notable for users managing multichain portfolios from a single interface.
Shutdown follows transition into Emurgo ecosystem
Earlier this year, on April 29, Ctrl Wallet announced that it was transitioning under the Emurgo umbrella. At the time, the company said its multichain architecture would continue inside SecondFi, suggesting that the underlying product direction would survive even if the Ctrl Wallet brand changed.
SecondFi is a self-custodial platform built on Cardano and developed by Emurgo, which is commonly described as the for-profit arm of Cardano. The product itself was rebranded from Yoroi wallet in April 2026. That made the transition noteworthy for Cardano users already familiar with Emurgo’s wallet ecosystem.
SecondFi exploit adds context to the closure
On June 24, SecondFi disclosed a vulnerability that allowed attackers to drain user funds. The incident resulted in an estimated loss of about 16 million ADA, valued at roughly $2.4 million at the time. The exploit added another layer of pressure to the broader wallet transition surrounding Ctrl Wallet and Emurgo-linked products.
Days later, SecondFi said it had established a recovery path to repay affected users across 374 impacted wallet addresses. It also said that emergency measures had secured approximately 129 million ADA, which was transferred to an independent third-party custodian. According to the company, those funds will remain there until verification and the recovery process are completed.
Against that backdrop, Ctrl Wallet’s decision to sunset its service appears to mark the end of the product in its current form. For existing users, the immediate priority is operational rather than strategic: transfer assets before Aug. 3, securely back up recovery phrases, and avoid phishing attempts exploiting the shutdown process.