Three Solana-based platforms announced they would be shut down after the Step Finance hack in overdue January was deemed unrecoverable.
Solana wallet dashboard and Step Finance DeFi aggregator announced on Monday that it will cease operations. Closure too stretches subsidiaries Solana NFT, analysts and ecosystem media SolanaFloor, and lending and yield protocol Remora Markets.
“Following the breach in late January, we explored every possible path forward, including financing and acquisition opportunities,” he said, referring to the January breach of $27 million in treasury wallets.
The team concluded that it was “unable to provide a realistic outcome,” prompting the decision to “terminate all operations immediately.”
The DeFi platform said it is working to buy back holders of its native STEP token based on a pre-incident snapshot. They said that Remora rToken holders will also have the opportunity to redeem their funds.
Step suffered a $27 million security breach
Step Finance reported On Jan. 31, it found a “compromise in the security of some of our treasury wallets” and asked cybersecurity firms to facilitate with the investigation.
Blockchain security company CertiK reported that 261,854 Solana (SOL), worth approximately $27 million at the time, was not staked and transferred during the incident.
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Cryptocurrency investor Mike Dudas he said Step Finance contacted him about participating in the bridge round, but he was first asked to view the autopsy with security, but received no response.
Step Finance co-founder George Harrap he said on Tuesday that “Some people have contacted us about acquiring various companies and we will pursue them if they are serious and interested, but we are short of time.”
The platform’s native STEP token dropped by 96% in the days after the hack. According to CoinGecko, it dropped another 36% after announcing the close on Monday and is currently trading at $0.00057.
In August 2021, STEP reached an all-time high of $10.20.
Total Solana DeFi value of locked tanks 50%
The triple shutdown is another blow to Solana’s decentralized finance company, which has seen its on-chain value total 52% since its peak in September. Solana DeFi TVL is currently worth just $6.3 billion, According to to DeFiLlama.
Meanwhile, SOL prices lost a further 1.8% on the day and fell to $78, According to to CoinGecko. The asset is currently down 74% from its January 2025 all-time high of $293, which was reached at the height of the memecoin mania.
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