Step Finance, SolanaFloor, Remora Markets Close After $27M Hack
Three Solana-based platforms are closing after a late-January security incident at Step Finance that the company says cannot be remedied. The Solana portfolio dashboard and DeFi aggregator announced on Monday that it will wind down, with the shutdown also covering its subsidiaries Solana NFT analytics outlet SolanaFloor and lending and yield platform Remora Markets.
Step Finance said it evaluated multiple options following the January breach of its treasury wallets, including potential financing and acquisition proposals, but was unable to secure a viable path forward. As a result, the company stated it will cease all operations effective immediately.
The platform added that it is preparing a buyback for holders of its native token, STEP, using a snapshot taken prior to the incident. A redemption process is also planned for Remora rToken holders.
Source: Remora Markets
Step hit by $27 million security breach
On Jan. 31, Step Finance disclosed a security breach affecting some of its treasury wallets and requested assistance from cybersecurity firms. Blockchain security firm CertiK reported that 261,854 Solana (SOL), valued at roughly $27 million at the time, was unstaked and transferred during the incident.
Crypto investor Mike Dudas said Step Finance contacted him about participating in a bridge round, but he asked for a security post-mortem first and received no response. Co-founder George Harrap said on Tuesday that several parties expressed interest in acquiring parts of the business, but noted the team is working against tight timelines.
The STEP token fell 96% in the days after the hack. It dropped another 36% following Monday’s closure announcement and is currently trading at $0.00057, according to CoinGecko. STEP reached an all-time high of $10.20 in August 2021.
STEP prices have crashed to virtually zero. Source: CoinGecko
Solana DeFi total value locked drops 50%
The closures add further pressure to Solana’s decentralized finance sector, where total on-chain value has declined 52% since its September peak. Solana’s DeFi TVL currently stands at $6.3 billion, according to DeFiLlama.
Meanwhile, SOL has slipped another 1.8% on the day to $78, per CoinGecko, leaving the asset 74% below its January 2025 all-time high of $293 reached during the height of memecoin activity.
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