Step Finance, a Solana-based portfolio management platform, said Monday it is ceasing all operations, citing an inability to recover from a Jan. 31 security incident that drained $40 million from its treasury and fee wallets.
In an X post, the team attributed the dissolution to a failed search for external liquidity, noting that both acquisition bids and financing efforts were unsuccessful in the weeks following the exploit.
The decision affects the parent entity and its integrated subsidiaries, including media outlet SolanaFloor and tokenized equities platform Remora Markets. While SolanaFloor will maintain a digital archive of its historical data, it will no longer produce new reports or newsletters, according to a separate X post.
“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,” Step Finance wrote in the X post. “We want to thank our millions of customers over the years for joining us on this journey.”
The platform said it is working on a buyback for STEP token holders based on a snapshot taken prior to the Jan. 31 exploit. Remora Markets, which the project noted remained isolated from the security incident, is developing a redemption process allowing rToken holders to redeem their tokens for USDC. Remora said all rTokens remain backed 1:1
Founded in 2021, Step Finance billed itself as a portfolio visualization platform aggregating LP tokens, yield farms and positions across approximately 95% of Solana protocols into a single dashboard. The firm also operated the annual Solana Crossroads conference in Istanbul and, in December 2024, acquired Moose Capital — later rebranded as Remora Markets — to expand into tokenized trading of equities such as Nvidia and Tesla.
STEP fell nearly 40% over the past 24 hours to $0.0005, giving it a market capitalization of about $186,000, according to CoinGecko data. The token reached an all-time high of $10.2 in April 2021.
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