Step Finance and SolanaFloor Shut Down After Treasury Hack Drains Millions in SOL
- Step Finance and SolanaFloor are shutting down after a major hack drained their funds.
- The treasury loss crashed the STEP token and left the company with no way to recover.
StepFinance and SolanaFloor, two early, well-known platforms in the Solana ecosystem, have shut down their operations after the treasury hack that occurred at the end of January. This caused millions of dollars to be drained from the Step Finance treasury. Followed up on this incident; Remora Markets, another platform connected to Step Finance, has also shut down its operation.
Step Finance’s Financial Damage after the Hack
Step Finance confirmed that after the hack, it explored options such as new financing and potential acquisition deals. However, the company was unable to secure support to continue the operations. According to the report, the attacker drained the treasury wallets by compromising the devices connected to the company executive, which allowed them to steal a large amount of funds. Following the hack, the STEP token price has dropped sharply, and user confidence has declined, which also makes the company struggle to maintain its services. This pushed them to shut down completely.
StepFinance announced that it is working on the buyback plan for STEP token holders based on the snapshot taken before the hack. For Trmora rToken holders, the company stated that the token remains backed 1:1, and the redemption process will be provided.
SolaanFloor, which is a Solana-focused media and analytics platform owned by Step Finance, also announced that it will stop publishing new content. The firm said that it attempted to continue operating independently after the hack but could not find a financially sustainable path.
Step Finance was one of Solana’s early DeFi tools and offers a popular dashboard that helps users track their wallets, yield farming positions, and other on-chain activity. The shutdown of this platform marks the end of Solana’s early development project. This shows how seriously the attacks can deeply affect the crypto firms.
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