US EditionStep Finance shuts operations after $27 million January hack
Step Finance shut down after losing $40 million in a January exploit and failing to secure financing or acquisition, impacting affiliates SolanaFloor and Remora Markets.
- On Monday, the platform said it will wind down operations after rescue efforts failed, including exploring acquisition offers and outside financing.
- On February 28, a security breach drained Step's treasury and fee wallets, removing 261,854 SOL worth roughly $27 million at the time.
- SolanaFloor will keep its archive online but halt new content, while Remora, said to be isolated from the exploit, is preparing a 1:1 USDC redemption for rToken holders.
- STEP token plunged nearly 96% after the exploit, then slid another 36% after the shutdown news, and Step is designing a buyback plan for STEP holders based on a pre-incident snapshot.
- Some reports cited a $40 million loss from the hack, with this account appearing in an editorial posted February 24, 2026 as an excerpt from the newsletter.
23 Articles
23 Articles
Solana Faces Sharp $50–$40 Drop After Step Finance Shock
Solana (SOL) is currently trading at $78.96 on Wednesday, February 25, 2026, marking a modest 0.18% daily increase but continuing a weekly decline of 7.34%, according to CoinMarketCap. The 24-hour trading volume fell 27.47% to $3.6 billion, reflecting subdued investor activity as traders assessed technical risks and ongoing market volatility. Source: CoinMarketCap Solana Price Consolidation in Rectangle Pattern Crypto analyst CryptoPulse highli…
Solana-Based Step Finance Collapses Following Major Treasury Hack
Key Takeaways Step Finance shut down after a January 31 hack that drained over 261,000 SOL from its treasury. Losses were estimated between $27M and nearly $40M, and recovery funding efforts failed. The closure includes SolanaFloor and Remora Markets. The STEP token collapsed more than 96%, with buyback and redemption plans now in development. The shutdown, announced on February 23-24, 2026, marks a dramatic end for a project that once served a…
Solana Hit Hard: $27 Million Exploit Triggers Wave Of Shutdowns
Operating within the Solana ecosystem, the platform had become a familiar tool for tracking DeFi activity before events took a sudden turn. Step Finance’s sudden shutdown is a sharp example of how a single security failure can end a project’s life faster than many thought possible. Reports say the team decided to stop all work after what it called an unrecoverable breach of treasury accounts. The move covers the main dashboard and several linked…
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