Overview
- Step Finance said it is winding down operations immediately alongside SolanaFloor and Remora Markets after failing to secure funding or an acquisition.
- Investigators attribute the Jan. 31 incident to compromised executive endpoints that exposed treasury and fee wallets rather than any smart‑contract flaws.
- Roughly 261,854 SOL was unstaked and moved in the attack, with total losses later assessed at nearly $40 million and about $4.7 million subsequently recovered using Token22 protections.
- The company is preparing a STEP token buyback based on a pre‑breach snapshot, while Remora stated all rTokens remain fully backed 1:1 and a USDC redemption process is being readied.
- The STEP token plunged an estimated 97–99% after the breach, eroding market confidence as the firm had recently refocused its business on SolanaFloor and Remora following a November restructuring.