Step Finance to Shut Down After $40 Million Security Incident

Step Finance Closure and Impact on Subsidiaries

Step Finance said on Monday it will wind down all operations after failing to recover from a January 31 exploit that removed $40 million from its treasury and fee wallets. In a post on X, the team cited an unsuccessful search for external liquidity, noting that neither acquisition proposals nor financing options materialized in the weeks following the incident.

The shutdown covers the main platform and its integrated subsidiaries, including Solana-focused media outlet SolanaFloor and tokenized equities venue Remora Markets. SolanaFloor will preserve a digital archive of its historical data but will cease publishing new reports or newsletters, according to a separate X post.

Founded in 2021, Step Finance described itself as a portfolio visualization platform aggregating LP tokens, yield farms and positions across roughly 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.

Token Holder Measures and Market Reaction

Step Finance stated it is preparing a buyback for STEP token holders based on a snapshot taken before the January 31 exploit. Details of the buyback process were not specified in the source text, but the team indicated it is working on the mechanism as part of the wind-down.

Remora Markets, which the project said remained isolated from the security incident, is developing a redemption process allowing rToken holders to redeem their tokens for USDC. According to Remora, all rTokens remain backed 1:1.

Following the closure announcement, STEP fell nearly 40% over the past 24 hours to $0.0005, giving the token a market capitalization of about $186,000, according to CoinGecko data. STEP previously reached an all-time high of $10.2 in April 2021.

FAQ

Why is Step Finance shutting down?
Step Finance is ceasing operations because it was unable to recover from a January 31 security incident that drained $40 million from its treasury and fee wallets, and its subsequent efforts to secure external liquidity, including acquisitions and financing, were unsuccessful.

Which entities are affected by the shutdown?
The dissolution affects the Step Finance parent entity and its integrated subsidiaries, including SolanaFloor and Remora Markets.

What will happen to SolanaFloor’s content?
SolanaFloor will stop producing new reports and newsletters but will maintain a digital archive of its historical data.

How are token holders being addressed?
Step Finance is working on a buyback for STEP token holders based on a pre-exploit snapshot, while Remora Markets is implementing a process for rToken holders to redeem their tokens for USDC, with all rTokens stated to be backed 1:1.