A crypto wallet is shutting down — how to move your coins and dodge the fake 'airdrop'

Ctrl Wallet, a non-custodial crypto wallet formerly known as XDEFI, is shutting down after a security exploit, and is telling users to move their assets out before August 3, 2026. After that date, the app will no longer let you send, receive or swap — only export your recovery phrase.

The shutdown follows a June 23 security issue that affected some Cardano wallets on the platform. The app is being removed from app stores and browser-extension stores, and new downloads have already been halted. Before the deadline, users are urged to transfer their coins to another wallet or exchange.

Here is the reassuring part for beginners: your coins do not live 'inside' the app. They live on the blockchain, and access to them is controlled by your recovery phrase — the string of 12 or 24 words the wallet gave you when you set it up. Ctrl says users can import that phrase into compatible wallets such as MetaMask, Trust Wallet or Phantom, and their funds will come with it.

The company also gave a warning worth repeating: there is no migration token and no airdrop. Shutdowns like this are exactly when scammers appear, posting fake websites and social-media offers promising a 'reward' or 'migration' if you connect your wallet or enter your seed phrase. Those are traps.

If you use any wallet that is winding down, act through official channels only, move your assets before the deadline, and never type your recovery phrase into a website or share it with anyone. A recovery phrase is the master key to your coins; anyone who has it can take everything. Take your time, double-check the wallet you are importing into, and ignore anything that pressures you to hurry.