Key Takeaways
- A devastating $26-27M security breach in January 2026 has forced Step Finance, a prominent Solana DeFi aggregator, to cease all operations
- The shutdown encompasses three distinct platforms: Step Finance, SolanaFloor, and Remora Markets
- STEP token value has plummeted 96% following the security incident, currently trading at $0.00057
- Token buyback program for STEP holders and redemption process for Remora rToken holders are being implemented
- Solana’s DeFi ecosystem has seen total value locked decline 52% from its September high, now at $6.3 billion
The Solana DeFi ecosystem has lost one of its flagship platforms as Step Finance announces permanent closure following a devastating security breach that siphoned approximately $27 million from company treasury wallets this past January.
The shutdown encompasses a trio of interconnected platforms: the flagship Step Finance dashboard, NFT-focused media outlet SolanaFloor, and the recently launched Remora Markets trading platform. The announcement came via the company’s X account on February 23.
On January 31, malicious actors executed what the company describes as a “sophisticated” attack, compromising multiple treasury and fee collection wallets. Blockchain security analysis from CertiK revealed that attackers successfully unstaked and extracted 261,854 SOL tokens during the exploit.
Following the incident, Step Finance immediately engaged leading cybersecurity experts and alerted appropriate law enforcement agencies. Cryptocurrency investor Mike Dudas revealed he was approached to participate in an emergency funding round, but his requests for a comprehensive security audit report went unanswered.
According to the team’s statement, they exhaustively examined “every possible path forward, including financing and acquisition opportunities” throughout the weeks following the breach. Unable to identify a sustainable solution, management made the difficult decision to terminate all operations effective immediately.
Background on Step Finance
Launched in 2021, Step Finance established itself as a comprehensive portfolio management tool, consolidating liquidity pool positions, farming opportunities, and user assets across approximately 95% of all Solana protocols into a unified interface. The platform served roughly 300,000 active users monthly at its zenith.
Interestingly, the platform had already initiated a strategic pivot prior to the security breach. In November 2025, Step discontinued its primary dashboard functionality to concentrate resources on SolanaFloor and Remora Markets.
Remora Markets emerged from the acquisition of Moose Capital in December 2024. The platform’s mission centered on introducing tokenized equities trading to the Solana blockchain, offering exposure to major stocks including Nvidia and Tesla.
The January cyberattack effectively terminated these ambitions before full market launch.
Compensation Plan for Token Holders
Step Finance has committed to executing a token buyback program for STEP holders using a pre-hack snapshot as the baseline. Additionally, Remora rToken holders will gain access to a structured redemption mechanism. Management emphasized that Remora tokens maintain their full 1:1 backing.
The STEP token suffered a catastrophic 96% value collapse in the immediate aftermath of the breach. Following Monday’s closure announcement, prices declined an additional 36%. Current trading sits at $0.00057, representing a dramatic fall from the August 2021 all-time high of $10.20.
SOL has similarly experienced significant depreciation. At the time of the announcement, SOL traded around $78, marking a 74% decline from its January 2025 peak of $293.
The broader Solana DeFi landscape reflects this downturn, with total value locked contracting 52% since September 2025’s high point. Current TVL stands at $6.3 billion according to DeFiLlama data.
Step Finance co-founder George Harrap indicated that several parties have expressed interest in acquiring specific business components, and the team remains open to pursuing legitimate acquisition proposals.
The company concluded its farewell message by expressing gratitude to its millions of users throughout the years and characterized the shutdown as “the best outcome given the circumstances.”
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