Step Finance to Wind Down After $40M Hack, STEP Token Collapses
What Happened to Step Finance?
Solana-based DeFi portfolio tracker Step Finance said it will wind down operations effective immediately following a January security breach that drained tens of millions of dollars from its treasury and fee wallets.
The exploit, which took place on Jan. 31, resulted in the loss of 261,854 SOL — worth roughly $27 million at the time. In a separate account, the company said the breach drained $40 million from treasury and related wallets. The platform said it was unable to secure financing or complete an acquisition in the weeks that followed.
In a post on X, the team said it had “explored every possible path forward, including financing and acquisition opportunities,” but failed to secure a viable outcome. “We are deeply grateful to our community for the support over the years and are confident that this is the best outcome given the circumstances,” the company wrote. “We want to thank our millions of customers over the years for joining us on this journey.”
Investor Takeaway
How Hard Has STEP Been Hit?
The platform’s native token, STEP, lost nearly 96% of its value following the incident. After the closure announcement, it fell another 36% in 24 hours. The token recently traded near $0.0005, giving it a market capitalization of roughly $186,000, according to CoinGecko data.
At its peak in April 2021, STEP traded as high as $10.2. The collapse leaves the token effectively wiped out compared with its cycle highs, reflecting both treasury damage and the loss of operating business.
Step Finance said it is working on a buyback program for STEP holders based on a snapshot taken prior to the Jan. 31 exploit. Details on funding size and execution mechanics have not yet been disclosed.
What Happens to Its Subsidiaries?
The shutdown extends beyond the core dashboard product. Affiliate projects SolanaFloor, a Solana-focused media outlet, and Remora Markets, a tokenized equities platform, will also cease operations.
SolanaFloor said it will maintain a digital archive of its historical content but will no longer publish new reports or newsletters. Remora Markets, which the project said was operationally isolated from the exploit, is developing a redemption process that would allow rToken holders to redeem their tokens for USDC. Remora stated that all rTokens remain backed 1:1.
The broader closure affects the parent entity and its integrated subsidiaries, bringing an end to a multi-vertical expansion strategy that included media, tokenized equities, and events such as the Solana Crossroads conference in Istanbul.
Investor Takeaway
What Does This Say About DeFi Infrastructure Risk?
Founded in 2021, Step Finance acted as a portfolio visualization and aggregation platform, consolidating yield farms, LP tokens, and positions across an estimated 95% of Solana protocols into a single interface. It operated during peak DeFi expansion and survived the 2022 downturn, but ultimately did not recover from the January breach.
The news highlights the fragility of treasury-backed DeFi businesses that rely on token incentives, protocol fees, and venture support. Without centralized balance sheets comparable to traditional financial firms, recovery from large-scale exploits often depends on rapid fundraising or acquisition — both of which failed to materialize in this case.
For the Solana ecosystem, the closure removes a long-running dashboard and media presence that had become embedded in the network’s user experience. For token holders, the focus now shifts to the proposed buyback and any remaining asset recoveries.
