Step Finance and Partners Halt Operations After $40M Hack

Step Finance has announced the immediate cessation of operations for Step Finance, SolanaFloor, and Remora Markets following a significant hack in late January. The team explored various options, including financing and mergers, but failed to find a viable solution. Consequently, they have decided to terminate all business activities.

In response to the incident, Step Finance is developing a buyback plan for STEP token holders based on a snapshot taken before the hack. Additionally, a redemption process is being established for Remora rToken holders, with the tokens maintaining a 1:1 backing. The hack resulted in approximately $40 million being withdrawn from Step Finance’s treasury due to a breach of management’s devices.