Ctrl Wallet to cease operations on August 3

Ctrl Wallet said it will shut down on Aug. 3, with transfers, swaps and other in-app activity ending after Aug. 2 and only recovery phrase export remaining from that date. The company announced the closure on July 7 and removed the app from major stores the same day, though existing users can continue normal use until the deadline, including sending, receiving and swapping tokens and exporting 12-word or 24-word recovery phrases. Ctrl urged users to either export their recovery phrase or move funds to another wallet or exchange as soon as possible, warning it cannot guarantee how long the app will remain accessible on a device after Aug. 3. The company did not give a reason for the shutdown, though the move follows a June security issue that it said affected a small number of Cardano wallets on the platform. The closure comes amid wider strain in the sector, with RootData counting 79 crypto projects that had shut down, entered bankruptcy or gone dark through 2026.