Three prominent platforms within the Solana ecosystem, Step Finance, SolanaFloor, and Remora Markets, are shutting down operations following a debilitating $27 million security breach. The total shutdown stems from a critical exploit of Step Finance’s treasury wallets on 31 January 2026. Without new capital to plug the $27 million hole, the platforms became insolvent.
The team behind Step Finance said on Monday, 23 February 2026, that they were “unable to secure a viable outcome” to recover the stolen funds, leading to an immediate wind-down of the protocol and its subsidiaries.
Today we are announcing that Step Finance, SolanaFloor, and Remora Markets will be winding down all operations.
Following the hack at the end of January we explored every possible path forward, including financing and acquisition opportunities.
Unfortunately, we were unable to…
— Step☀️ (@StepFinance_) February 23, 2026
This is stark ending for a suite of platforms that once served as a primary dashboard for Solana users. But, the incident adds to the list of security challenges that have periodically tested the Solana network’s resilience.
However, the market reaction for the native token Solana (SOL) has been largely muted in response to the shutdowns. While the loss of a legacy dashboard is damaging to sentiment, the token has maintained its critical support levels.
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Weeks Were Spent In Exploring Recovery Paths
This incident adds to the list of security challenges that have periodically tested the Solana network’s resilience.
Furthermore, the Step Finance team revealed that they had spent the weeks following the attack exploring various recovery paths, including acquisition offers and bridge financing. Unfortunately, these efforts failed to materialize.
Following the hack at the end of January, we explored every possible path forward, including financing and acquisition opportunities.
Unfortunately we have been unable to secure a viable outcome and so today we are announcing the wind down of Step Finance.
— Step Finance (@StepFinance_) March 4, 2024
The closure affects the main Step Finance dashboard, the ecosystem media and analytics outlet SolanaFloor, and the yield protocol Remora Markets. The team stated that a buyback process will be initiated for holders of the STEP token based on a snapshot taken prior to the exploit. Additionally, a redemption process is being organized for Remora rToken holders.
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Similar Wallet Drainer Threats On Ethereum
The sophistication of attacks targeting DeFi infrastructure is increasing across all chains, including Ethereum.
But, as an example, the broader Solana ecosystem has shown significant maturation.
The network has seen its Real World Asset (RWA) sector surpass record values. Yes, institutional interest remains sticky despite individual protocol failures.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Daniel Frances is a technical writer and Web3 educator specializing in macroeconomics and DeFi mechanics. A crypto native since 2017, Daniel leverages his background in on-chain analytics to author evidence-based reports and deep-dive guides. He holds certifications from The Blockchain Council, and is dedicated to providing “information gain” that cuts through market hype to find real-world blockchain utility.
