Jito Foundation Acquires SolanaFloor, Plans Relaunch After Security Shutdown

Jito Foundation has acquired SolanaFloor and restarted the Solana news and analytics platform after it went offline with the collapse of Step Finance.

The relaunch was announced on March 10, the same day publishing resumed. Financial terms were not disclosed. SolanaFloor editor Awais Afzal is staying on, and Jito said the newsroom will control its own coverage, story choices and data presentation.

The deal follows the shutdown of Step Finance, which had operated SolanaFloor. Step closed all operations on February 23 after a treasury breach that led to the loss of 261,854 SOL. 

Security firm CertiK said attackers gained access through compromised executive devices and used that access to unstake and transfer funds from the company’s signing environment. The incident was an operational security failure, not a smart contract exploit.

Read more: Spot Bitcoin ETFs Post Back-to-Back Weekly Inflows for First Time in 5 Months

Massive Losses

Loss estimates varied with the SOL price used, but reports placed the value between about US$27 million (AU$39.7 million) and US$29 million (AU$42.6 million). Some later estimates were higher as the token price moved. Step’s token fell about 96% after the breach.

Jito said the acquisition is meant to restore a key source of Solana ecosystem coverage after SolanaFloor went dark.

The move also puts focus on ownership and editorial control in crypto media. Jito Foundation supports the Solana ecosystem through grants, partnerships and infrastructure tied to staking and block building. That gives SolanaFloor a financial backer with deep ecosystem ties, even as Jito says editorial decisions will remain independent.

The issue matters because SolanaFloor covers a fast-growing market. Solana spot exchange-traded funds now hold close to US$1 billion (AU$1.47 billion) in assets, while Solana DeFi protocols have about US$6.7 billion (AU$9.85 billion) in total value locked.

Related: NYDIG: Bitcoin’s Stock Correlation Doesn’t Undermine Its Diversification Role

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