Step Finance is known as one of the leading decentralized finance platforms serving in the Solana ecosystem since 2021. The company announced that it immediately stopped all its operations due to the $ 27 million security breach at the end of January 2026. This decision also includes ecosystem news platform SolanaFloor and real-world asset trading platform Remora Markets.
Security Breach and Details of the Process
On January 31, 2026, Step Finance announced that it had detected a cyber attack on several treasury and fee wallets. During the investigation, it was determined that the attackers gained access to administrator devices and approximately 261 thousand SOL tokens were removed from the stake and transferred to other addresses. After the incident emerged, there was a serious loss in the liquidity and reserves of the protocol.
“Some of our treasury wallets were compromised a few hours ago; our investigation into the incident is ongoing.”
In addition, the price of the STEP token dropped by more than 37 percent after the attack. The total loss of value since the first case has reached 97 percent. Following the damage, the team announced that it had prepared a buyback plan based on the situation before the attack in order to alleviate the impact of the users. On the other hand, it is stated that rToken holders issued through Remora Markets will be able to get their assets back at a 1:1 ratio.
Closing Statement from the Company
The Step Finance team explored various ways to save the company after the attack in January. These included potential acquisitions and bridge financings. However, in the statement made on February 23, 2026, it was stated that no valid way out could be found for the continuation of activities.
“The decision was made to cease all operations of Step Finance, SolanaFloor and Remora Markets. Following the attack at the end of January, we explored all possibilities, including financing and acquisition. Unfortunately, we could not find a sustainable path.”
As of February, the activities of SolanaFloor and Remora Markets, along with the parent company, will be completely terminated. It has been stated that the SolanaFloor content archive will remain open to access in the current situation.
Latest Developments and Impacts on the Ecosystem
The decision to close came shortly after the company shifted its focus to “mega products” by rapidly expanding by the end of 2025. Step Finance terminated its original panel and API services and concentrated on SolanaFloor and Remora Markets. Remora reached a volume of $110 million in a short time with recently tokenized Nvidia and Tesla shares.
This incident draws attention to the structural security vulnerabilities experienced in treasury management in the DeFi ecosystem. Even projects that have been in the industry for a long time may not be completely protected against such risks.
On the other hand, the decentralized SocialFi platform called Zora launched a new attention market on Solana. Users can trade on online trends with this product. To prevent abuse of the system, the cost of starting a Trend has been set at 1 SOL. Under Trends, which does not have any reward mechanism, users participate by creating “Pairs” that can be bought and sold.
