Step Finance, SolanaFloor, and Remora Markets Shut Down After Hack

• Step Finance is closing after a $40 million treasury hack in January.
• SolanaFloor and Remora Markets are also shutting down immediately.
• The STEP token has crashed by over 97% since the exploit.

The Solana ecosystem is facing another setback. Step Finance has announced it is shutting down operations, alongside SolanaFloor and Remora Markets, after a devastating treasury hack and failed efforts to secure new funding or a buyer. The decision comes less than a month after attackers drained roughly $40 million from Step Finance’s treasury following a compromise of executive team devices.

Despite attempts to stabilize the situation, leadership confirmed there was no sustainable path forward.

What Happened?

On January 31 (APAC hours), Step Finance revealed that its treasury had been breached. The exploit resulted in tens of millions of dollars being drained. The team worked with cybersecurity researchers and authorities, recovering approximately $3.7 million in Remora-related assets and another $1 million in other positions, but the damage had already shaken confidence.

While Remora Markets remained operational at the time and rTokens were confirmed to be backed 1:1, Step Finance itself was deeply impacted.

In the weeks that followed, the company explored fundraising and acquisition options. None materialized. Now, all three brands under the parent structure are officially winding down.

What Happens to STEP and rToken Holders?

Step Finance confirmed it is preparing:

• A buyback plan for STEP holders, based on a snapshot taken before the exploit
• A redemption process for Remora rToken holders, with tokens remaining fully backed 1:1 in USDC

More details are expected soon, but operations have ceased effective immediately.

STEP Token Collapse

The market reaction has been brutal. Since the hack, STEP has plunged 97.5%, trading near $0.000599 at the time of writing. The token recently hit a new all-time low of $0.000568, down nearly 99.99% from its 2021 peak of $10.50.

Many traders are openly calling the collapse final, with sentiment across crypto social media suggesting the project’s market cycle may be over.

What About Solana?

Despite the headlines, Solana (SOL) has remained relatively stable. SOL is currently trading around $76.82, down 1.32% in the past 24 hours. The decline appears largely tied to Bitcoin’s broader weakness rather than the Step Finance incident itself.

From a technical perspective:

• SOL must hold above $72 to maintain a constructive structure
• A break above $84.63 would signal renewed bullish momentum

For now, analysts describe Solana as range-bound, with one more potential micro low possible before a clearer directional move emerges.

Step Finance was once one of Solana’s most recognized portfolio dashboards and liquidity providers, and its shutdown marks the end of a significant chapter in Solana’s DeFi and content history.

Related: Solana Price Prediction: Can SOL Hold $67.38 As Open Interest Falls 2.05%?