Step Finance is winding down operations after a $40 million treasury breach it could not absorb. The closure marks one of the largest single-platform failures on Solana this year, raising renewed counterparty risk concerns across decentralized finance (DeFi).
Statement on Recent Security Incident
— Step☀️ (@StepFinance_) February 2, 2026
In the early afternoon hours of 31 January (APAC), approximately $40M was drained from the Step Finance treasury. This was a result of our executive team’s devices being compromised.
Immediately after detecting the breach, we began working…
The Solana-based portfolio management platform said Monday it would cease all operations following a Jan. 31 security incident that drained funds from its treasury and fee wallets. In posts on X, the team said efforts to secure external liquidity, including acquisition talks and financing discussions, failed in the weeks after the exploit. The shutdown extends to subsidiaries SolanaFloor and Remora Markets.
Today we are announcing that SolanaFloor will be winding down operations, effective immediately.
— SolanaFloor (@SolanaFloor) February 23, 2026
Since its founding, SolanaFloor has worked to document and contextualize the growth of the Solana ecosystem.
What began as a small X account grew into one of the most widely read…
Can STEP Token Holders Recover Value?
Step Finance was founded in 2021 as a dashboard aggregating liquidity provider tokens, yield farms, and positions across roughly 95% of Solana protocols. In December 2024, it acquired Moose Capital, later rebranded as Remora Markets, to expand into tokenized equities tied to names such as Nvidia and Tesla. STEP fell nearly 40% over 24 hours to $0.0005, leaving a market capitalization of about $186,000, according to CoinGecko, down sharply from its April 2021 peak of $10.2.
The team said it is working on a buyback program for STEP holders using a snapshot taken before the exploit. Remora Markets, which it said remained isolated from the breach, is preparing a redemption process allowing rToken holders to redeem for USDC, with all rTokens backed 1:1.
“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 project wrote on X.
The collapse adds to a growing list of DeFi platforms unable to recover from treasury-level exploits without external capital buffers. But the outcome also highlights the limits of acquisition interest when liabilities exceed recoverable assets. Market participants will now watch execution of the STEP buyback and rToken redemptions for signals on residual value recovery and potential legal claims.
