Step Finance, one of the best-known portfolio management platforms on the Solana network, has officially ceased operations following a massive security breach and unsuccessful attempts to secure emergency funding.
- Step Finance shut down after a January 31 hack that drained over 261,000 SOL from its treasury.
- Losses were estimated between $27M and nearly $40M, and recovery funding efforts failed.
- The closure includes SolanaFloor and Remora Markets.
- The STEP token collapsed more than 96%, with buyback and redemption plans now in development.
The shutdown, announced on February 23-24, 2026, marks a dramatic end for a project that once served as a central dashboard for Solana DeFi users. The decision follows weeks of financial strain after attackers compromised executive-level devices and drained treasury funds.
Security Breach Triggered Collapse
According to the team, the incident occurred on January 31, 2026, when hackers executed what was described as a sophisticated attack targeting senior staff devices. The breach allowed unauthorized access to treasury and fee wallets.
Roughly 261,854 SOL was stolen in the attack. Initial loss estimates ranged between $27 million and $30 million, but some reports later placed total damage closer to $40 million as market conditions fluctuated.
Despite the setback, the team spent nearly four weeks pursuing emergency liquidity solutions, including bridge financing and potential acquisition talks. Those efforts ultimately failed, leaving closure as the only viable option.
Entire Ecosystem Winds Down
The shutdown extends beyond the core platform.
SolanaFloor, the project’s integrated news and analytics arm, will halt new reporting activities but keep its digital archive accessible.
Remora Markets, the tokenized equities division, is also winding down operations as part of the broader shutdown process.
The collapse highlights how interconnected services within crypto ecosystems can unravel quickly when treasury exposure becomes critical.
STEP Token Crashes
The platform’s native asset, STEP, suffered catastrophic losses. Following the January hack, the token plunged more than 96%. After the official shutdown announcement, its market capitalization fell below $200,000, effectively wiping out most remaining value.
The crash underscores the extreme risk associated with protocol-level treasury breaches, especially when token economics rely heavily on operational continuity.
Compensation and Redemption Plans
The team has outlined preliminary recovery measures for affected users:
STEP holders may be eligible for a buyback program based on a pre-hack snapshot taken before January 31. Further details are expected in upcoming communications.
For users of Remora’s rTokens, the situation appears more stable. These assets are reportedly backed 1:1, and holders will be able to redeem them for USDC through an independent process.
Users with remaining DeFi positions connected to the ecosystem are being urged to transfer assets to alternative platforms as soon as possible.
For updates regarding redemption timelines and procedural instructions, the team has advised monitoring the project’s official X account.
The shutdown represents one of the most significant Solana ecosystem failures of 2026 so far, reinforcing ongoing concerns around operational security, executive device vulnerabilities, and treasury risk management within DeFi platforms.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/solana-based-step-finance-collapses-following-major-treasury-hack/