Step Finance said it will wind down operations following a $27 million treasury wallet hack in January, with subsidiaries SolanaFloor and Remora Markets also set to close.
The Solana-based portfolio dashboard and DeFi aggregator announced it was “unable to secure a viable outcome” after exploring financing and acquisition options following the security breach.
“Following the hack at the end of January, we explored every possible path forward, including financing and acquisition opportunities,”
The team said, adding that:
“It would end all operations effective immediately.”
Blockchain security firm CertiK reported that 261,854 Solana tokens worth roughly $27 million were unstaked and transferred during the January 31 incident.
Step Finance said it is preparing a buyback for holders of its native STEP token based on a pre-hack snapshot, alongside a redemption process for Remora rToken holders.
STEP plunged 96% in the days after the breach and fell another 36% following the closure announcement, trading near $0.00057 after peaking at $10.20 in August 2021, according to CoinGecko data.
The shutdown adds pressure to Solana’s DeFi ecosystem, where total value locked has dropped 52% since September to about $6.3 billion, underscoring ongoing fragility across the network’s decentralised finance sector.
At the time of reporting, Solana price was $77.20.