- Step Finance is shutting down immediately after hackers stole millions of SOL from its treasury.
- The attack exploited a known vulnerability on the executive team members' machines.
- All projects, including SolanaFloor and Remora Markets, are being wound down.
- STEP holders will be repurchased at pre-hack valuation; Remora rTokens remain fully backed.
Step Finance, a foundational analytics and portfolio dashboard for the Solana ecosystem, announced this morning that it will immediately shut down due to a treasury breach discovered at the end of January. This has resulted in the theft of multiple millions of SOL, significantly reducing STEP’s price.
The team at Step Finance stated that they had explored numerous funding options and considered an acquisition, but that none were sufficient to allow Step Finance and its subsidiaries, including the popular news platform SolanaFloor, to continue operating.
As such, the team has decided to begin winding down activities at Remora Markets and all other Step Finance projects.
Inside the Breach That Broke Step Finance
Step disclosed a treasury wallet security breach after several of its treasury wallets were compromised in an attack on a couple of the executive team members’ machines during APAC hours. The attackers apparently gained access through an already-known vulnerability.
The compromised treasury wallets were used by Step to fund operational costs and ongoing development activities. As a result of the attack, combined with the sharp decline in STEP token price, Step was unable to secure sufficient liquidity to continue its operations or raise sufficient capital to continue providing its services and products.
Furthermore, Step Finance said it is planning a structured unwind for tokenholders and will repurchase STEP from holders at a price determined by the pre-incident snapshot valuation. It also said it will allow users to redeem their Remora rTokens for underlying Remora tokens, noting that the tokens remain fully backed one-to-one.
SolanaFloor, the media arm of the Solana Floor marketplace, was launched from a single social media account and, in a short time, became one of the most-read publications in the Solana space. The team has now announced that they will cease posting new content but will keep the website as an archive.
