The Solana ecosystem has suffered a major blow as Step Finance, one of its most important analytics and portfolio platforms, announced it is shutting down all operations.
The shutdown follows a devastating hack this year in January that resulted in the loss of $29 million.
Since then, Step finance native token STEP, has crashed 99.12%, trading near $0.000608
Step Finance Shuts Down After $29M Hack
In a recent tweet post on X, Step Finance confirmed that it, along with SolanaFloor and Remora Markets, will wind down operations immediately.
This decision came after the company failed find new funding or a buyer to keep the business running.
Hackers attacked Step Finance’s treasury wallets in January 2026, forcing the platform to shut down. The hacker stole 261,854 SOL, worth around $29 million. This heavy loss made it very difficult for the company to recover.
After exploring all possible options, the team stated that shutting down was the most viable decision under current conditions.
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Step Finance Token Crash 99%
After the security breach and the shutdown announcement, the platform’s native token, STEP, has collapsed completely.
The token has lost nearly 99.12% of its value since the hack, now trading around $0.00058, with a market cap of $130K.
What Next for STEP Holders and Users?
Further, in an announcement, Step Finance teams also stated that they are working on a buyback plan for STEP token holders. This buyback will be based on a snapshot taken before the hack happened.
In addition, Remora rToken holders will be able to redeem their tokens, as Remora tokens are still fully backed 1:1.
For users, the focus now shifts to asset security and migration to alternative platforms
What This Means for the Solana Ecosystem
The shutdown of Step Finance is a big loss for the Solana ecosystem. Over 2.4 million users relied on the platform to track investments and manage DeFi assets.
Step Finance also provided important data and tools used across Solana. Its closure removes a major tool that helped users understand and manage their Solana holdings easily.
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FAQs
Why is Step Finance shutting down?
Step Finance is shutting down due to a $29 million hack in January 2026. The team was unable to secure new funding or find a buyer to recover from the treasury losses, making shutdown the only viable option.
How much was stolen in the Step Finance hack?
Hackers stole 261,854 SOL from Step Finance’s treasury wallets, worth approximately $29 million at the time. This security breach ultimately made it impossible for the company to continue operating.
Will STEP token holders get their money back?
The team is working on a buyback plan for STEP holders based on a snapshot taken before the hack occurred. Additionally, Remora rToken holders can redeem their tokens, which remain fully backed 1:1.
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