Step Finance Shuts Down After $27 Million Hack

Solana-based platforms Step Finance, Solana NFT analytics, SolanaFloor, and Remora Markets are shutting down all operations after failing to secure a viable path forward following a $27 million treasury wallet hack in late January. The security breach involved the transfer of approximately 261,854 Solana (SOL), valued near $27 million at the time. Step Finance stated they explored financing and acquisition opportunities but ultimately decided to end operations immediately. The team is planning a buyback for holders of its native STEP token based on a pre-incident snapshot, along with a redemption process for Remora rToken holders. The hack severely impacted the STEP token price, which crashed significantly following the incident and the closure announcement. This event is another setback for the Solana DeFi ecosystem, which has seen its Total Value Locked (TVL) decline substantially since its peak.

(Source：Cointelegraph)