After exploring funding and fundraising options, the teams concluded that there was no sustainable recovery path after the collapse.
Solana’s DeFi aggregator, Step Finance, along with two other partner projects, SolanaFloor and Remora Markets, have announced to suspend all operations with immediate effect.
The decision follows a major security incident earlier this year.
Hack, stop, shut up
In a statement published on X, the groups said the decision was made after exploring various avenues, including fundraising and acquisition discussions. However, none have provided a viable solution since the hack that occurred in late January.
The incident involved approximately $30 million in assets being removed from Step Finance wallets on the Solana network. Further disclosures revealed that the breach originated from compromised devices of members of the project’s executive team.
Access to these devices likely activated private keys or malware that interfered with internal transaction validation processes, allowing attackers to initiate and validate malicious transactions on the chain. After gaining access, the attackers lost approximately 261,854 SOL and transferred funds from wallets controlled by the project. This triggered an immediate market reaction, with the STEP token falling by more than 80%.
After the exploit was discovered, the group shut down certain components of the platform to limit further damage, and later reported that approximately $4.7 million in assets related to Remora and other assets were recovered. As part of the shutdown process, Step Finance said it is working on a redemption program for STEP token holders based on a snapshot taken before the incident, while Remora Markets prepares a redemption process for rToken holders.
More than 200 hack incidents in 2025
A hack involving Step Finance ranked among the costliest DeFi incidents in January 2026 amid a massive surge in crypto-related losses over the past year. According to blockchain security firm PeckShield, fraud and hackers will cost users and platforms more than $4.04 billion in 2025, up nearly 34% from 2024.
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Of that total, $2.67 billion was attributed to hackers, while $1.37 billion was from fraud, as fraud-related losses rose nearly 64% year over year.
PeckShield has evolved from purely technical exploits to targeted social engineering, often targeting centralized entities and high-value individuals, thereby causing greater losses per incident. During the year, excluding fraud, more than 200 hacking cases were registered.
February was the most expensive month as a result of the breach of 1.51 billion dollars in Bybit.
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