Step Finance Ceases Operations After Hack of $40 Million in Solana

Step Finance, an all-in-one platform within the Solana ecosystem, has officially announced the closure of all operations after suffering a $40 million hack in January. This attack marked a critical point for the project, leading management to explore funding and acquisition options without success. The decision to suspend operations impacts multiple projects linked to the main protocol.

The Impact of the Hack on the Solana Ecosystem

The $40 million hack is one of the most significant attacks on Solana infrastructure in recent months. According to information released by NS3.AI, the scope of the vulnerability revealed critical deficiencies in the platform’s security systems. This incident highlights the ongoing risks faced by DeFi projects, even those with established track records on the network.

Consequences for Remora Markets and SolanaFloor

The on-chain protocol Remora Markets and the SolanaFloor platform, both under Step Finance’s umbrella, will see their operations halted immediately. These services, which were important tools for Solana users, are now offline. The loss of these resources will mainly affect traders and investors who relied on these platforms for market analysis and asset management.

Recovery Plan for Token Holders

In response to this critical situation, the Step Finance team has announced a token buyback and redemption process to mitigate the impact on its holders. Although specific details of the schedule are still being finalized, this measure aims to minimize total losses resulting from the hack. Shareholders are awaiting more information on how this recovery will be executed and what percentage of their investments they may recover.