{"id":61685,"date":"2026-02-24T10:29:55","date_gmt":"2026-02-24T03:29:55","guid":{"rendered":"https:\/\/hbbgroup.net\/3-solana-platforms-to-shutter-following-devastating-27m-hack\/"},"modified":"2026-02-24T10:29:55","modified_gmt":"2026-02-24T03:29:55","slug":"3-solana-platforms-to-shutter-following-devastating-27m-hack","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/vi\/3-solana-platforms-to-shutter-following-devastating-27m-hack\/","title":{"rendered":"3 Solana platforms to shutter following devastating $27M hack"},"content":{"rendered":"
\n

Three Solana-based platforms have announced they are shutting down after a Step Finance hack at the end of January that has been deemed unrecoverable.\u00a0<\/p>\n

Solana portfolio dashboard and DeFi aggregator Step Finance announced<\/a> on Monday that it would be winding down operations. The closure also extends<\/a> to subsidiaries Solana NFT<\/a> analytics and the ecosystem media outlet SolanaFloor, as well as lending and yield<\/a> protocol Remora Markets<\/a>.<\/p>\n

\u201cFollowing the hack at the end of January, we explored every possible path forward, including financing and acquisition opportunities,\u201d it stated, referring to a $27 million security breach of its treasury wallets in January.\u00a0<\/p>\n

The team said they were \u201cunable to secure a viable outcome,\u201d resulting in the decision to \u201cend all operations effective immediately.\u201d\u00a0<\/p>\n

The DeFi platform said it is working on a buyback for holders of its native token, STEP, based on a snapshot taken before the incident. There will also be a redemption process for Remora rToken holders, they said.\u00a0<\/p>\n

Source: <\/em>Remora Markets<\/em><\/a><\/figcaption><\/figure>\n

Step suffers $27 million security breach\u00a0<\/h2>\n

Step Finance reported<\/a> a \u201cbreach of security for some of our treasury wallets\u201d on Jan. 31 and asked cybersecurity firms to assist with the investigation.\u00a0<\/p>\n

Blockchain security firm CertiK reported that 261,854 Solana (SOL<\/a>), worth roughly $27 million at the time, was unstaked and transferred during the incident.<\/p>\n

Related: <\/strong><\/em>Solana treasuries sitting on over $1.5B in paper SOL losses<\/strong><\/em><\/a><\/p>\n

Crypto investor Mike Dudas said<\/a> he was contacted by Step Finance about participating in a bridge round, but requested a security post-mortem first and received no response.\u00a0<\/p>\n

Step Finance co-founder George Harrap said<\/a> on Tuesday that \u201cSome people have reached out on acquiring various businesses, and we will pursue those if serious and have interest, but we are on a time crunch.\u201d<\/p>\n

The platform\u2019s native STEP token tanked 96% in the days following the hack. It slumped a further 36% following the announcement of the closure on Monday and is currently trading at $0.00057, according to CoinGecko.\u00a0<\/p>\n

STEP hit an all-time high of $10.20 in August 2021.<\/p>\n

STEP prices have crashed to virtually zero. Source: <\/em>CoinGecko<\/em><\/a><\/figcaption><\/figure>\n

Solana DeFi total value locked tanks 50%\u00a0<\/h2>\n

The triple closure is another blow to decentralized finance on Solana, which has seen total on-chain value tank 52% since its September peak. Solana DeFi TVL currently stands at just $6.3 billion, according<\/a> to DeFiLlama.\u00a0<\/p>\n

Meanwhile, SOL prices<\/a> have lost a further 1.8% on the day, falling to $78, according<\/a> to CoinGecko. The asset is now 74% down from its January 2025 all-time high of $293, hit during the peak of memecoin mania.\u00a0<\/p>\n

Magazine: <\/strong><\/em>Bitcoin may take 7 years to upgrade to post-quantum: BIP-360 co-author<\/strong><\/em><\/a><\/p>\n