Step Finance announced it will end all operations effective immediately following a security breach that drained its treasury. The shutdown includes SolanaFloor and Remora Markets. The breach on January 31 resulted in the loss of roughly 261,854 SOL tokens, worth about $29 million at the time. The team explained that after exploring financing and acquisition opportunities, they were unable to secure a viable outcome and made the difficult decision to end all operations immediately.
The team said they are implementing a buyback program for STEP holders based on a snapshot prior to the incident, intended to compensate eligible holders using historical balances before the disruption. They also confirmed that a separate redemption process is being developed for Remora token holders. Remora tokens remain fully backed at 1:1, ensuring the underlying assets remain intact. A redemption path to allow holders to redeem tokens for USDC is being prepared, with full details to be shared soon.
STEP, the native token, fell 37% after the announcement, extending losses to nearly 97% from prior levels. Step Finance first disclosed the breach on January 31 as investigations began.
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