Step Finance shuts down following $40 million security breach

Step Finance, a Solana-based portfolio management platform, announced it is shutting down all operations due to its inability to recover from a January 31 security breach that drained $40 million from its treasury and fee wallets. The team confirmed that efforts to secure external liquidity, including acquisition bids and financing, failed post-exploit. This dissolution affects the parent company and its subsidiaries, including SolanaFloor, which will become an archive, and Remora Markets. Step Finance is planning a buyback for STEP token holders based on a pre-exploit snapshot, while Remora Markets, which remained isolated from the hack, is setting up a redemption process for rToken holders to redeem tokens for USDC at a 1:1 ratio. Founded in 2021, Step Finance aggregated positions across Solana protocols and also operated the Solana Crossroads conference and acquired Moose Capital (now Remora Markets) for tokenized equities.

(Source：The Block)