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>>Step Finance halts operations after a $40 million breach, prompting the complete shutdown of the Solana ecosystem.

Step Finance halts operations after a $40 million breach, prompting the complete shutdown of the Solana ecosystem.

crypthub

about 3 hours ago

Step Finance Shutdown

Step Finance announced a permanent shutdown after a $40 million hack drained its treasury. The breach, discovered in January 2025, left the protocol without sufficient capital to continue operating. Attempts to raise emergency funds or secure an acquisition failed, leading the team to close all services via an X post. The collapse marks one of the largest failures on the Solana blockchain and raises concerns about DeFi security.

Impact on Subsidiaries

The shutdown also ends two key subsidiaries: Remora Markets, an on‑chain derivatives platform, and SolanaFloor, a primary news and analytics hub for Solana. Closing Remora removes a major leveraged‑trading tool, potentially reducing liquidity for advanced users. The loss of SolanaFloor creates an immediate information gap for traders and developers who relied on its curated feeds. Both closures illustrate how intertwined services can be destabilized by a single protocol failure.

Remediation and Industry Fallout

Step Finance outlined a winding‑down plan that includes a STEP token buyback based on pre‑hack snapshot holdings and a redemption process for funds locked in Remora Markets. Details on pricing and asset availability remain pending, and payouts are expected to cover only a fraction of the original value. Industry analysts warn that such “black‑swan” exploits, especially in a bear market, make recovery nearly impossible without substantial external capital. The incident is prompting calls for stronger audits, insurance mechanisms, and clearer regulatory guidance across Solana DeFi.

Step Finance halts operations after a $40 million breach, prompting the complete shutdown of the Solana ecosystem.

Step Finance Shutdown

Impact on Subsidiaries

Remediation and Industry Fallout

Step Finance halts operations after a $40 million breach, prompting the complete shutdown of the Solana ecosystem.