Step Finance Shuts Down After $40M Treasury Theft

Step Finance, a Solana-based DeFi portfolio management platform, announced it is ceasing operations after a January 31 theft that drained roughly $40 million from its treasury and fee wallets. The company attributed the incident to the compromise of devices belonging to members of its executive team, and said subsequent efforts to recover—via fundraising, external liquidity, or acquisition talks—failed to produce a viable path forward.

The shutdown impacts Step Finance and affiliated projects including SolanaFloor (which will stop publishing new content but keep an archive) and Remora Markets (reported as isolated from the breach). Step Finance said it is pursuing a buyback/reimbursement process for STEP holders based on a pre-hack snapshot and a redemption process for Remora token holders; it reported partial recoveries including about $3.7M in stolen Remora assets and about $1M in other coins.