Step Finance Shuts Down After $40M Hack, Taking SolanaFloor and Remora With It

The Step Finance shutdown is now official. On Monday, February 24, the Solana-based portfolio dashboard and DeFi aggregator announced it would immediately cease all operations — a direct consequence of the $40 million hack that gutted its treasury wallets at the end of January. The closure also pulls down two affiliated platforms, making this a triple DeFi platform closure with no viable path to recovery.

Step Finance Announces Immediate Wind-Down After $40M Treasury Hack

SolanaFloor and Remora Markets Also Shutting Down

After exhausting every option — financing rounds, acquisition talks, and emergency recapitalization — the Step Finance team said in a statement that no viable path forward existed. The decision to end operations became effective immediately, extending to both subsidiaries: SolanaFloor, a Solana NFT analytics platform, and Remora Markets, a lending and yield protocol.

To soften the blow for token holders, the team is developing a buyback program for STEP holders based on a snapshot captured before the January breach. Remora Markets users will be offered a separate redemption mechanism for their rTokens. Full details on both processes are still being finalized.

Some people have reached out on acquiring various businesses, and we will pursue those if serious and have interest, but we are on a time crunch.

— George Harrap, Co-Founder, Step Finance

How the $40 Million Solana Treasury Breach Happened

CertiK Confirms 261,854 SOL Drained in January Attack

The treasury wallet breach was first reported on January 31, when Step Finance disclosed a security compromise and called in outside cybersecurity assistance. Blockchain security firm CertiK later confirmed the forensic details: 261,854 SOL, worth approximately $27 million at the time, was unstaked and transferred out during the attack.

Step Finance subsequently revised its total loss figure upward to approximately $40 million once the full scope of the treasury damage was assessed. The attack vector involved the compromise of executive devices — a significant operational security failure that sets this breach apart from the more common smart contract exploit.

Crypto investor Mike Dudas said he was approached about participating in a bridge financing round but requested a security post-mortem before committing. He told reporters he received no response to that request, effectively signaling that the team had no satisfactory explanation ready for institutional backers.

STEP Token Crashes 96% — What the Buyback Plan Means for Holders

Remora rToken Redemption Process Explained

The STEP token was already in freefall before today's news. In the days immediately following the January hack, it lost 96% of its value. The closure announcement on Monday pushed it down a further 36%, with the token now changing hands at $0.00057 — a stark contrast to its all-time high of $10.20 reached in August 2021.

The planned STEP buyback, pegged to the pre-hack snapshot, would give existing holders some recourse, though the specific buyback rate and timeline have not yet been published. Remora Markets holders face a separate rToken-to-stablecoin redemption process. Both programs hinge on the team's ability to organize remaining resources, which is far from guaranteed given the scale of the treasury loss.

Solana DeFi TVL Takes Another Hit as Ecosystem Struggles

The triple DeFi platform closure arrives at an already difficult moment for the Solana ecosystem. According to DeFiLlama, total value locked across Solana DeFi currently stands at $6.3 billion — representing a 52% decline from the peak reached in September. The Step Finance hack adds to a broader January 2026 pattern: blockchain security researchers tracked nearly $400 million stolen across crypto platforms during that month alone.

SOL itself fell 1.8% on Monday to $78, now sitting 74% below its all-time high of $293 set in January 2025. The combination of depressed token prices, reduced DeFi liquidity, and high-profile security failures is compounding pressure on Solana's position as a top-tier smart contract platform heading into the second quarter of 2026.