Step Finance, a Solana-based platform, has terminated all operations following a significant security breach in January. The incident resulted in estimated losses of up to $40 million, with the company's financial position rendering continued operation unlawful.
The breach did not involve a compromise of the platform's smart contracts but rather targeted compromised executive devices. This allowed attackers to gain access to treasury and fee wallets, resulting in substantial asset transfers.
As part of the closure process, Step Finance has announced plans for a buyback using a pre-breach snapshot. This will provide users with a structured return on their STEP holdings, although specific details regarding timing and eligibility have yet to be released.