Solana-Based Step Finance Ceases Operations After Major Hack

Step Finance, a prominent portfolio management platform on the Solana network, has shut down due to a severe security breach that compromised its treasury. The incident, which occurred on January 31, 2026, resulted in the theft of approximately 261,854 SOL, leading to estimated losses ranging between $27 million and $30 million.

The company's attempts to secure emergency funding failed, prompting the decision to cease operations. This shutdown also affects SolanaFloor, the integrated news and analytics arm, which will halt new reporting activities but maintain its digital archive. Remora Markets, the tokenized equities division, is also winding down operations.

The collapse highlights the interconnected nature of services within crypto ecosystems and the risks associated with treasury exposure. The platform's native asset, STEP, suffered a significant decline, plummeting by more than 96% after the breach. Users may be eligible for a buyback program based on a pre-hack snapshot.