Crypto wallet provider Ctrl Wallet will permanently shut down its services weeks after the platform suffered a security exploit, marking the end of the multichain wallet as users race to withdraw their assets before the platform goes offline.

The non-custodial wallet first disclosed a security incident on June 23 affecting some Cardano wallets, prompting it to place the platform into maintenance mode while engineers worked to secure user funds.

However, the platform never managed to fully recover from the attack, announcing today that Ctrl Wallet will be discontinuing the sending, receiving, or swapping of crypto through the wallet. The wallet will also be removed from app stores and browser extension marketplaces, with downloads ending immediately.

Ctrl Wallet urged users to transfer their assets to another wallet or exchange before the deadline, warning that after Aug. 3 the only option will be importing their 12-word or 24-word recovery phrase into another compatible wallet such as MetaMask, Trust Wallet or Phantom.

The company also cautioned users against scams, stressing that there will be no migration token or airdrop and advising users to ignore fake websites or social media posts claiming otherwise.

Formerly known as XDEFI Wallet, Ctrl Wallet lists more than 650,000 monthly users on LinkedIn and supports more than 2,500 blockchain networks, including Cardano and Midnight.

Shutdown follows broader Cardano security turmoil

The closure comes only months after Ctrl Wallet announced it was joining the Emurgo ecosystem, with its multichain technology set to continue through the Cardano-based SecondFi wallet.

SecondFi, which rebranded from Yoroi in April 2026, suffered its own security breach on June 24 after a vulnerability allowed attackers to steal an estimated 16 million ADA, worth roughly $2.4 million at the time.

Days later, SecondFi announced a recovery plan covering 374 affected wallet addresses and said it had secured approximately 129 million ADA through emergency measures before transferring the funds to an independent third-party custodian while verification and reimbursement efforts continue.

The back-to-back incidents underscore the growing security challenges facing crypto wallet providers, where exploits are increasingly forcing platforms to divert resources toward recovery efforts—or, in Ctrl Wallet's case, shut down altogether.