Ctrl Wallet Halted Due to Cardano Security Breach

Ctrl Wallet has announced that it will be shutting down following a security breach on the Cardano network. The company, formerly known as XDEFI Wallet, was acquired by Emurgo earlier this year and offered access to over 2,500 blockchains.

The security incident occurred on June 23, where a limited portion of wallets using the Cardano network was compromised. Despite the breach not affecting its entire infrastructure, management has decided to permanently terminate the project due to the severity of the consequences.

Users are urged to transfer their assets or export their recovery phrases as soon as possible before August 3, when services will be terminated with no possibility of recovery.

Ctrl Wallet emphasized that they will not organize an automatic migration to another platform, will not distribute tokens as compensation, and will not refund lost funds. The company also warns of potential scams surrounding the service closure, advising users to independently export their phrases and use them in a compatible wallet.