Step Finance announces shutdown: SOL treasury hacked, STEP token plummets 97%

The DeFi platform Step Finance built on the Solana blockchain announced on February 24, 2026, that it is immediately ceasing all operations due to a security breach in its treasury wallet on January 31, which resulted in approximately 261,854 SOL stolen (worth about $29 million at the time). After evaluating all financing and acquisition options, the company was unable to find a viable solution.

Timeline: From Treasury Hack to Full Platform Closure

On January 31, 2026, Step Finance first announced that it was investigating a breach of its treasury wallet. Over the following four weeks, the team explored financing and potential acquisition opportunities to cover the financial shortfall but ultimately failed to make progress.

The shutdown affected not only the core platform but also two related services: its news and analytics platform SolanaFloor, and the tokenized stock trading platform Remora Markets. All three platforms ceased operations simultaneously.

In an official statement, Step Finance said: “We explored all possible options, including financing and acquisition opportunities. Unfortunately, we were unable to find a workable solution, and have made the difficult decision to shut down all operations immediately.”

Compensation Plans for STEP and Remora Holders

Despite the platform’s closure, Step Finance has established compensation mechanisms for different token holders.

Key Details of the Compensation Plan

STEP Token Holders: Will be repurchased based on a pre-incident snapshot to protect the rights of eligible holders. Specific ratios and timelines will be announced later.

Remora Token Holders: Remora tokens are still fully backed 1:1, with underlying assets intact. Holders will be able to redeem their tokens for USDC through an independent redemption process. Details will be announced separately.

Market Reaction to STEP Token: The announcement caused a 37% drop on the day, with the total decline since inception reaching nearly 97%.

Frequently Asked Questions

What type of security attack did Step Finance suffer?

According to the official statement, the attack occurred on January 31, 2026, targeting the Step Finance treasury wallet, resulting in the theft of about 261,854 SOL, worth approximately $29 million at the time. The company has not disclosed specific technical details about the attack method or the vulnerability exploited.

How will STEP token holders be compensated?

Step Finance stated it will implement a buyback plan based on a pre-incident snapshot of token holdings. The exact buyback ratio and schedule have not yet been announced. Holders are advised to stay tuned to official channels for updates.

Are Remora Markets token holders’ assets affected?

According to Remora Markets, the Remora tokens remain fully backed 1:1, with underlying assets unaffected by the incident. Holders will be able to redeem tokens for USDC through an upcoming process, with details to be announced officially.