Solana Platforms Shut Down After Devastating $27M Hack

Three Solana-based platforms, including DeFi aggregator Step Finance and its subsidiaries, have announced their closure following a devastating security breach that occurred on January 31. The hack, which was deemed unrecoverable, resulted in the theft of 261,854 SOL tokens worth around $27 million at the time.

The affected platforms include Solana portfolio dashboard, DeFi aggregator Step Finance, and its subsidiaries Solana NFT analytics and ecosystem media outlet SolanaFloor, as well as lending and yield protocol Remora Markets. In a statement, the team behind the platforms stated that they had explored various options to recover from the breach but were unable to secure a viable outcome.

As a result of the closure, holders of the native token STEP will be able to participate in a buyback based on a snapshot prior to the incident. Additionally, Remora rToken holders will have access to a redemption process.