Step Finance shuts down after $27M hack
The Solana-based platform has announced an immediate shutdown following a treasury attack in January 2026
24.02.2026 - 11:05
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Key points:
- 261,854 SOL (~$27 million) was stolen from Step Finance’s treasury in January.
- The project has announced a full shutdown. SolanaFloor and Remora Markets will also cease operations.
- The STEP token has lost about 96% of its value.
DeFi portfolio tracker Step Finance said it will wind down operations after a January attack on its treasury wallets. The team stated it was unable to find a sustainable path forward to restore the project.
In late January, attackers drained 261,854 SOL, worth approximately $27 million at the time. The team explored financing and acquisition options but ultimately “was unable to secure a viable outcome.”
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Project closures and token buyback
Alongside Step Finance, affiliated projects SolanaFloor — a Solana-focused media platform — and tokenization platform Remora Markets will also shut down.
The team announced plans for a STEP token buyback program. Calculations will be based on a snapshot of token balances taken prior to the incident.
Following the hack, the STEP token lost roughly 96% of its value. After the shutdown announcement, the price dropped an additional 36% within 24 hours.
Founded in 2021, Step Finance provided aggregated access to yield strategies, LP positions, and other tools within the Solana ecosystem.
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