Step Finance, Remora, SolanaFloor shut down after major hack

Step Finance, Remora Markets, and SolanaFloor are shutting down after a hack caused up to $40M in losses. Recovery failed; buyback plans for token holders are underway.

Step Finance, a leading platform in the Solana DeFi ecosystem, has announced a complete shutdown following a major security breach in January. The hack resulted in losses estimated between $26 million and $40 million. This closure also impacts Remora Markets and SolanaFloor, both of which are ceasing operations. Despite significant efforts to secure new funding or find an acquisition partner, the team was unable to recover from the financial blow. Buyback and redemption plans are being implemented for affected token holders. The shutdown marks a major setback for the Solana ecosystem and underscores persistent security challenges within DeFi.