Non-custodial multichain crypto wallet Ctrl Wallet will shut down its services on Aug. 3, 2026, weeks after a security exploit, requiring users to withdraw their assets before most app functions are disabled. The company reported a security issue on June 23 affecting some Cardano wallets on the platform and placed the app into temporary maintenance mode. The shutdown follows a vulnerability in SecondFi—Ctrl Wallet's parent platform under Emurgo—that enabled attackers to drain approximately 16 million ADA (worth about $2.4 million) from 374 wallet addresses on June 24. Ctrl Wallet supported over 650,000 monthly users across more than 2,500 blockchain networks including Cardano and Midnight before announcing the closure.
Ctrl Wallet Sets Aug. 3 Deadline for Asset Withdrawals and Recovery Phrase Exports
Ctrl Wallet said users can transfer assets to another exchange or crypto wallet before the shutdown date. The company "strongly" recommended exporting assets before Aug. 3 to avoid relying only on recovery phrase imports after app functions are disabled.
After Aug. 3, the only remaining function will be the ability to export recovery phrases. Ctrl Wallet said the app will also be removed from app stores and browser extension stores, with new downloads halted immediately. Transfers, receiving, swaps, and other in-app actions will become unavailable after the deadline.
Users can export their 12-word or 24-word recovery phrase and import it into compatible wallets, including MetaMask, Trust Wallet, and Phantom. The company warned that there will be no migration token or airdrop event.
SecondFi Exploit Drained 16 Million ADA from 374 Addresses on June 24
Ctrl Wallet, formerly XDEFI Wallet, had announced on April 29 that it was transitioning under the Emurgo umbrella. At the time, the company said its multichain architecture would continue inside the SecondFi wallet.
SecondFi is a self-custodial platform built on Cardano and developed by Emurgo, the for-profit arm of Cardano. The platform rebranded from Yoroi in April 2026.
A vulnerability in SecondFi on June 24 enabled attackers to drain user funds. The estimated loss was around 16 million ADA, worth about $2.4 million at the time. The incident affected 374 wallet addresses. SecondFi later outlined a recovery path to repay affected users.
SecondFi said it secured about 129 million ADA through emergency measures and transferred the funds to an independent third-party custodian while verification and recovery continue.
Ctrl Wallet Supported 650,000+ Users Across 2,500+ Blockchain Networks
Ctrl Wallet listed over 650,000 monthly users and supported more than 2,500 blockchain networks, including Cardano and Midnight. The shutdown notice gives users a limited window to move assets out of the wallet before the Aug. 3 deadline.
For wallet users, the safest path is to act before the deadline, verify official links directly, avoid social media claims promising tokens or rewards, and treat any recovery phrase request as high risk unless it occurs inside a trusted wallet import flow.
FAQ
What is the deadline for withdrawing assets from Ctrl Wallet?
Users must withdraw their assets before Aug. 3, 2026. After that date, transfers, receiving, swaps, and other in-app actions will become unavailable. The only remaining function will be the ability to export recovery phrases.
How many users and blockchain networks did Ctrl Wallet support?
Ctrl Wallet listed over 650,000 monthly users and supported more than 2,500 blockchain networks, including Cardano and Midnight, before announcing the shutdown.
What happened in the SecondFi exploit on June 24?
A vulnerability in SecondFi on June 24 enabled attackers to drain approximately 16 million ADA, worth about $2.4 million at the time. The incident affected 374 wallet addresses. SecondFi secured about 129 million ADA through emergency measures and transferred the funds to an independent third-party custodian.
