Solana DeFi Platform Step Finance Ceases All Operations Following $27M Hack

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TLDR

  • Step Finance, a prominent Solana DeFi dashboard, is ceasing operations following a $26-27 million hack in January 2026
  • Three platforms are closing: Step Finance, SolanaFloor, and Remora Markets
  • The STEP token has plunged 96% since the hack and now trades at $0.00057
  • A buyback program for STEP token holders and a redemption process for Remora rToken holders are currently in progress
  • Solana’s total DeFi value locked has dropped 52% from its September peak to $6.3 billion

Step Finance, once dubbed the “front page of Solana,” is shutting down after a hack drained roughly $27 million from its treasury wallets in January 2026.

The closure impacts three platforms: Step Finance itself, NFT analytics and media outlet SolanaFloor, and trading platform Remora Markets. The team announced the decision on February 23 via X.

The hack occurred on January 31, when a “sophisticated actor” compromised several treasury and fee wallets. Blockchain security firm CertiK confirmed that 261,854 SOL was unstaked and transferred during the breach.

Step Finance stated it contacted top security professionals and notified relevant authorities after the incident. Crypto investor Mike Dudas said he was approached about joining a bridge funding round but asked for a security post-mortem first and never received a response.

The team noted it explored “every possible path forward, including financing and acquisition opportunities” in the weeks after the hack. However, it failed to secure a viable outcome and decided to end all operations immediately.

What Step Finance Was

Founded in 2021, Step Finance aggregated liquidity pool tokens, yield farms, and user positions across around 95% of Solana-based protocols into one dashboard. At its peak, it had approximately 300,000 monthly users.

The platform had already initiated restructuring before the hack. In November 2025, Step shut down its main dashboard to focus on SolanaFloor and Remora Markets.

Remora Markets was developed from the December 2024 acquisition of a startup called Moose Capital. It aimed to introduce tokenized stock trading to Solana, including equities like Nvidia and Tesla.

The January hack halted those plans before they fully launched.

What Happens to Token Holders

Step Finance reports it is arranging a buyback for STEP token holders based on a snapshot taken before the hack. Remora rToken holders will also have a redemption process available. The team confirmed Remora tokens remain 1:1 backed.

The STEP token dropped 96% in the days after the hack. It fell another 36% after the shutdown announcement on Monday. It now trades at $0.00057, down from an all-time high of $10.20 in August 2021.

SOL itself has also declined. It was trading at around $78 at the time of the announcement, down 74% from its January 2025 all-time high of $293.

Solana’s total DeFi value locked has dropped 52% since its September 2025 peak. It now stands at $6.3 billion, according to DeFiLlama.

Step Finance co-founder George Harrap said some parties had reached out about acquiring parts of the business, and the team would pursue those if serious interest materialized.

The company closed its statement by thanking its millions of users and described the shutdown as “the best outcome given the circumstances.”