Solana Ecosystem Step Finance Shuts Down after $29M Hack

The post Solana Ecosystem Step Finance Shuts Down after $29M Hack appeared first on Coinpedia Fintech News

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.

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.