Phantom Wallet ends support for Sui and Monad: Actions to be taken before the deadline

Phantom Wallet is removing two networks from its app. Monad will disappear on August 26, 2026, and Sui will disappear on September 24, 2026. At that time, any user holding a balance in that wallet will not be able to see these assets in Phantom. But that doesn't mean the funds are lost: the tokens are still on their blockchain, and you can access them through other wallets that use the same recovery phrase. However, you still need to take action because the easy-to-use access through the app is only available before the deadline.

These two announcements were released within a few weeks, affecting different numbers of investors. Monad's deadline is more pressing, while Sui's deadline involves older networks: SUI has been running on the main network since 2023, and Monad will launch its own main network only in November 2025. This article reviews what happens on each date, the two options left for you, and how a simple operation can accidentally turn into a taxable transaction.

Phantom Wallet and Sui: What ends on September 24

Phantom released this decision on August 24, 2026 at 01:01 UTC via the @phantom account on the X platform. The announcement stated that Phantom and Sui have agreed to terminate Phantom's support for Sui on September 24 and leave room for future cooperation. It also comes with a guarantee: "Your funds are safe and completely under your control." The announcement also states that before September 24, you can migrate your wallet to other Sui-supporting apps.

One difference is often overlooked in such reports. The so-called "network support" means that wallet applications can display balances for a specific blockchain, calculate balances, and sign and broadcast transactions on that chain. When support ends, these features also end. The blockchain itself continues to operate, and your key is still valid on the chain.

This integration did not last long. Phantom announced Sui connectivity in December 2024 and will launch it on January 29, 2025. About twenty months later, it ended. According to industry media unanimously reported that this was a joint decision of both parties, not a unilateral removal.

Monad in Phantom Wallet: Why August 26 is a stricter deadline

There are more detailed original sources about Monad. In its help article on Monad's exit, Phantom set August 26, 2026 as the transition date and clearly wrote: "Your assets will not be lost. They remain on the Monad blockchain and can be accessed using compatible wallets and the same credentials." In other words, your assets are not lost; they remain on the Monad blockchain and can be opened in a compatible wallet using the same credentials.

After the deadline, Phantom no longer displays Monad balances and no longer processes Monad transactions in the app. Phantom itself offers two paths: exchange Monad assets for assets on the still-supported network before the transition date, or export secret recovery phrases from settings and import them into other Monad-enabled wallets.

Limited fee reduction

According to Phantom, before the transition date, it has waived internal fees for cross-chain conversions from native MON to wrapped MON on Solana. The help article pointed out that network fees and transaction venue fees still need to be paid. Therefore, this route is not free, it is just cheaper.

A "wrapped token" is a token's representation on a foreign blockchain: the original token is locked and a tradable representative is created on the target chain in a 1:1 ratio. For the holder, this increases the risk taken by the other party, the party that manages the lock-in. If you want to avoid this risk, choose to migrate to another wallet rather than redeem it.

Two deadlines for the same application: two days left for Monad assets and one month left for Sui assets.

Will your tokens disappear when your wallet is removed from the network?

No. The self-managed wallet does not hold tokens, it manages keys. The balance is located on the blockchain and belongs to an address derived from your recovery phrase. If the app disappears, the address still exists. What disappeared was the convenient access interface.

This design is the decisive difference from an exchange. When a trading platform removes tokens or closes your account, it does hold your tokens, and the problem becomes withdrawal deadlines, or at worst, mandatory clearing. We have separately written about the current exchange deadlines, which are more severe than the situation here. Phantom's situation is more milder: access never ends, just convenience.

Exporting secret recovery phrases: A path that does not require a transaction

Moving to another wallet is a way to trigger a transaction, at no cost, and without affecting tax status. You import the same recovery phrase into an application that supports the network and you see the same balance there. Tokens don't move at all; you just change the window to view them.

What to pay attention to

The recovery phrase is the master key. The person who holds it holds everything associated with it, including balances on other networks under the same phrase. This is why the export operation is the most sensitive moment in the entire process. It should be placed on a computer you trust, not in cloud notes or photos. We detail how to store phrases securely over the long term in our guide to securely storing seed phrases.

If your Phantom wallet manages both Solana or Bitcoin assets and Sui or Monad assets, you have two options. Either import the phrase into the new app and continue to use both, or set up a new wallet with your own phrase for the network you are leaving and transfer the balance. The second option is cleaner, but requires network fees and, from a tax perspective, is a transfer between your own addresses, so it is not for sale. Which software wallets work for which chains, please see our Software Wallet Comparison.

Exchange rather than migration: The true cost of fee-free conversion

The second way is to exchange within Phantom. It's more convenient because you don't have to leave the app, and for Monad assets, Phantom's own fees are waived until the transition date. Even so, there are still three items that need to be paid: network fees for transferring the chain, fees charged by the venue where the transaction is executed, and price deviations between the on-screen quote and the actual transaction price.

The last item can easily be underestimated. For tokens with thin trading volumes, the gap between expected and actual prices can easily swallow up more funds than any fee. If you hold a large position, please check the price again before sending, and if in doubt, please split the exchange. For very thin trading pairs, execution through a regulated trading venue may be cheaper than redemption in a wallet simply because there are more counterparties there.

Tax issues on wallet changes: When to migrate into sale

This is where the two paths diverge significantly, and for German investors, this is the most important paragraph in this article.

Moving to another wallet does not constitute a tax event. You transfer money between your own addresses, or just import the key; no disposal occurs and the holding period is calculated continuously.

Exchange is another matter. The exchange of tokens for tokens, for income tax purposes, constitutes the disposal of abandoned assets and the acquisition of received assets. Under Article 23 of the German Income Tax Code, gains are exempt from tax if the interval between acquisition and disposal exceeds one year; within one year, the total amount of all private disposal transactions during the calendar year is exempt to € 1,000. Once this amount is exceeded, all proceeds will be taxable, not just the excess.

Controversial situation: Wrapping

Whether wrapping the same token onto another chain counts as an exchange is controversial among tax advisers. From an economic perspective, you still hold the same thing; from a legal perspective, you receive different tokens. This is an assessment, not an established law, and we currently do not know of a Supreme Court ruling on this. Practical impact on you: If you want to avoid this uncertainty, choose wallet export and keep the assets unchanged. If you choose to redeem regardless of the circumstances, please clearly record the date, price and quantity. If you enter transactions in a timely manner, portfolio and tax tools can help you process these records.

Published migration deadlines are a gift from fraudsters: bait often masquerades as offers of help.

Sui Wallet Alternatives: What does Phantom itself recommend?

For Sui assets, reports of relevant announcements point to two applications as migration destinations: Suiet and the official Sui Wallet (now operated under the Slush name). Both are self-managed wallets and therefore accept the import of existing recovery phrases.

We do not evaluate or recommend these applications here. Before importing, check yourself to see if the application supports the derivation of your phrase. If the new wallet shows a zero balance after import, the reason is usually a different derivation path rather than the asset itself. In this case, revealing more accounts under the same phrase in the settings of the new app may be helpful, so there is no need to panic.

Phishing attacks before deadlines: Why unsolicited migration assistance is almost always a scam

Every publicly announced deadline is a fraudster's schedule. The pattern is the same: a message correctly quotes real events, tight time frames, and a so-called migration tool link that requires a recovery phrase.

Phantom dedicated a passage to illustrate this point in his help article, writing that the company will never proactively contact you, never ask for your secret recovery phrase or private key, and never proactively transfer funds for you. Any unsolicited migration assistance should be considered an attempt to fraud.

This rule applies not only to the current situation. No reputable provider needs your phrase to help you, and no real migration needs you to enter the phrase anywhere, except for the new wallet app itself, locally on your own device. We used false withdrawal requests from cryptocurrency exchanges as an example to break down other signs of such messages. BaFin's numerous warnings about the series of cryptocurrency platforms shows just how huge the field is.

Why wallets were removed from the Internet: What does retreat say about the market

Putting this matter in context requires a distinction between facts and interpretations. The fact is: Phantom terminated support for both networks within weeks, and in Sui's case, it was a decision agreed with the network team.

is the beginning of interpretation. Every chain added to the wallet requires continuous work: your own node connection, your own signature logic, your own price source, and your own support team. If usage cannot support these efforts, integration will turn into a loss. We do not speculate on the exact size here because we do not have reliable usage data for individual networks.

Whichever interpretation is correct, there is a practical consequence for you: the wallet's network list is not a permanent commitment. It may change, and in the best case, you will know four weeks in advance.

What this case teaches us about self-hosting and hardware wallets

The real protection in this incident is the restoration of the phrase. This is why the termination of network integration becomes a nuisance rather than a loss. Anyone who deposits tokens on an exchange does not have such a safety net.

For larger assets, hardware wallets move keys to devices without Internet connections. Software interfaces can be interchanged, while keys remain in place. Which devices support which chains and their prices, please see our Hardware Wallet Comparison. It's worth checking the supported networks before purchasing, as compatibility is not guaranteed there either.

List: Matters to be dealt with before September 24

First open Phantom to see if you are affected. Many users have never activated either chain, so no action is needed.

If you find Monad assets, time is running out: until August 26, 2026, there will be only a few hours of operating space left in the application. For Sui Assets, you have until September 24, 2026, but it should not be delayed until the last week, as network fees and waiting times tend to rise before deadlines.

Also note your balance before migrating. If different amounts appear in the new application after import, you need to know whether it is caused by the price difference or the wrong derivation path.

Check your Phantom migration: Points to remember

Determine if you are affected and choose your path.

Check if you have Monad and Sui assets in your Phantom wallet. If you want to keep them, export the recovery phrases and import them into the appropriate app; you can find the candidate list in the software wallet comparison.

Clarify tax consequences before clicking.

Moving between owned wallets is not a sale, but a redemption is. The easiest way to record the date, quantity and price of each transaction is to use a cryptocurrency tax tool that tracks your holding period.

Long-term protection keys.

If this incident forces you to export phrases, then this is a good time to reorganize how you store them. For larger assets, the keys should be placed on a separate device: hardware wallet comparison.

(As of August 24, 2026. This article does not constitute investment advice. Price and fee structures may change; please verify terms with your provider before purchasing.)