Step Finance, SolanaFloor, and Remora shut down after a $40M hack, with token buybacks and rToken redemptions now planned.
A month after a calamity darker than a winter alley, the trio-Step Finance and its kin-confess that there is no longer a road back, only a door that must be closed. The work of building and believing has paused, and the streetlamps glow with the cold light of necessity.
The voices within describe a sorrowful truth: attempts to conjure fresh funds or to be bought by some dreamer’s promise failed, after a breach that plundered roughly forty million from a treasury presumed secure, like a fortress whose guard vanished at dawn.
Security Incident Ends Recovery Efforts
On January 31, 2026, the walls of Step Finance trembled. Unknown hands found the treasury-linked wallets and withdrew roughly 261,854 SOL, an amount measured in dollars as a ghost: about twenty-nine million. A breach not merely of funds, but of trust, leaving ledger lines streaked with doubt.
Earlier today several of our treasury wallets were compromised by a sophisticated actor during APAC hours. This was an attack facilitated through a well known attack vector.
Immediate remediation steps have been taken, and we are working closely with top security professionals…
– Step☀️ (@StepFinance_)
The stolen funds rose like smoke-unstaked and moved with swift, practiced grace-suggesting a choreography learned in the dark corners of finance. The root cause remained inscrutable, and despite the arrival of external guardians, the temple could not be rebuilt from the ashes.
After attempts to secure funding or to find a buyer with the eyes of fortune upon them failed, the project and its allied platforms, SolanaFloor and Remora Markets, declared a full shutdown. The announcement came with the bitter taste of finality, a verdict passed in the quiet of a community that had hoped for otherwise.
In a message on X the team stated that these paths did not yield a viable road forward. The strain-born from the breach-proved too great to bear, even with outreach to many partners. The shutdown would touch Step Finance and the entire network of services it had woven.
Today we are announcing that Step Finance, SolanaFloor, and Remora Markets will be winding down all operations.
Following the hack at the end of January we explored every possible path forward, including financing and acquisition opportunities.
Unfortunately, we were unable to…
– Step☀️ (@StepFinance_)
They spoke of laboring to steady the ship while the ocean of losses grew, and how, in the end, the effort proved unworkable. The decision lights out not just a single room but a suite of rooms tied to one grand premise-the belief that control over numbers could outpace the messiness of human error.
SolanaFloor and Remora Included in Shutdown
The closing includes SolanaFloor and Remora Markets. SolanaFloor, once famed for its reports on the Solana ecosystem, will preserve a digital archive of its existing content, but will cease publishing new newsletters or analytics.
Remora Markets, which focused on tokenized equities, will also end operations. The team insists Remora was not touched by the January breach because it stood apart from Step Finance’s treasury systems. Yet isolation does not grant immunity from the gravity of collapse.
Remora tokens remain backed 1:1, and the project contemplates a redemption process for rToken holders. Step Finance, too, speaks of a buyback program for STEP holders, to be fueled by a snapshot taken before the exploit; more details will emerge as the night reveals the dawn.
Related Reading: Solana Dominates Network Transactions Across All Chains in 2025
End of Operations for a Long-Running Solana Tool
Step Finance began in 2021 as a Solana portfolio manager that gathered positions from a chorus of protocols. It offered a single dashboard to track liquidity pools, yield farms, and assets. The company grew during a feverish cycle and later acquired Moose Capital, which became Remora Markets, to add tokenized equity products.
The shutdown reaches its users across several regions. In their statement, the team thanks customers and asserts that the decision, painful as it is, represents the best outcome under the current conditions. The market has treated STEP with a harsh measure, and the token’s value has eroded, a stark reminder of how quickly faith can crumble in the face of a breach.
As LiveBitcoin reported, STEP fell sharply, entering a new abyss of uncertainty about treasury losses and the fear that missing SOL would hinder validation rewards and STEP buybacks that support xSTEP stakers. The wider crypto market, already bruised, watched with a kind of grim amusement as CertiK logged the mischief of 370.3 million stolen across the sector the previous month-phishing, code missteps, and the stubborn difficulty of recapturing what has been plundered.
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2026-02-24 16:01