Solana DeFi Platform Step Finance Shuts Down All Operations After $27M Hack

TLDR

• Step Finance, a major Solana DeFi dashboard, is shutting down after a $26-27M hack in January 2026
• Three platforms close: Step Finance, SolanaFloor, and Remora Markets
• The STEP token has crashed 96% since the hack and now trades at $0.00057
• A buyback for STEP token holders and redemption for Remora rToken holders is underway
• Solana DeFi total value locked has dropped 52% since its September peak to $6.3 billion

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

The closure affects 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 said 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.

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 around 300,000 monthly users.

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

Remora Markets was built from a December 2024 acquisition of a startup called Moose Capital. It aimed to bring tokenized stock trading to Solana, including stocks like Nvidia and Tesla.

The January hack ended those plans before they fully launched.

What Happens to Token Holders

Step Finance says it is working on 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 backed 1:1.

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.”

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