Solana-based DeFi platform Step Finance has announced it is shutting down after a major hack in January drained up to $40 million from its systems. The company confirmed on February 24 that it will immediately close its main platform, along with SolanaFloor and Remora Markets.
The hack happened on January 31, when attackers gained access to devices used by company executives. This allowed them to reach treasury and fee wallets and move large amounts of crypto. Importantly, the breach did not target the platform’s smart contracts but instead exploited compromised internal devices.
During the attack, hackers unstaked more than 261,000 SOL from the Solana network. At the time, the stolen assets were valued between $27 million and $30 million, but total losses across multiple assets later reached nearly $40 million.
The company said it tried to recover and find funding or buyers but failed. “We explored every possible path forward,” the team said, adding that no sustainable solution could be secured after the financial damage.
Step Finance managed to recover around $4.7 million with help from partners and blockchain protections. However, the recovered amount was not enough to restore operations or rebuild confidence.
The hack also caused the platform’s STEP token to collapse by more than 97%. This sharp drop wiped out most of its market value and made recovery efforts even harder.
As part of the shutdown, the company plans to launch a buyback program for STEP token holders based on balances before the hack. Meanwhile, Remora Markets said its tokens remain fully backed and will allow users to redeem them for USD Coin (USDC).
The shutdown marks one of the biggest crypto platform failures of 2026 so far. It also highlights how weak internal security, not just blockchain flaws, can bring down even established crypto platforms.
