{"id":94596,"date":"2026-02-24T10:15:22","date_gmt":"2026-02-24T07:15:22","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=94596"},"modified":"2026-02-24T10:20:20","modified_gmt":"2026-02-24T07:20:20","slug":"step-finance-and-two-solana-projects-cease-operations","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/step-finance-and-two-solana-projects-cease-operations\/","title":{"rendered":"Step Finance and Two Solana Projects Cease Operations"},"content":{"rendered":"<p>The DeFi aggregator Step Finance, based on <a href=\"https:\/\/forklog.com\/en\/news\/what-is-solana-sol\">Solana<\/a>, has announced an immediate cessation of operations. The platform failed to recover following a major hack.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Today we are announcing that Step Finance, SolanaFloor, and Remora Markets will be winding down all operations.<\/p>\n<p>Following the hack at the end of January we explored every possible path forward, including financing and acquisition opportunities.<\/p>\n<p>Unfortunately, we were unable to\u2026<\/p>\n<p>\u2014 Step\u2600\ufe0f (@StepFinance_) <a href=\"https:\/\/twitter.com\/StepFinance_\/status\/2025986934112145849?ref_src=twsrc%5Etfw\">February 23, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The decision affects all subsidiary projects. The media resource <a href=\"https:\/\/x.com\/SolanaFloor\/status\/2025986520176541925\">SolanaFloor<\/a> and the lending protocol <a href=\"https:\/\/x.com\/RemoraMarkets\/status\/2025986960938995937\">Remora Markets<\/a> will also close.<\/p>\n<p>At the end of January, unknown individuals <a href=\"https:\/\/forklog.com\/en\/news\/coinbase-confirms-data-leak-record-ransom-in-russia-and-other-cybersecurity-news\">withdrew<\/a> 261,854 SOL from the Step Finance treasury. Experts at CertiK estimated the loss at $29 million.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/CertiKInsight?src=hash&#038;ref_src=twsrc%5Etfw\">#CertiKInsight<\/a> \ud83d\udea8<\/p>\n<p>We have seen a security breach of <a href=\"https:\/\/twitter.com\/StepFinance_?ref_src=twsrc%5Etfw\">@StepFinance_<\/a> treasury wallets.<a href=\"https:\/\/t.co\/Zi3tMKaTqE\">https:\/\/t.co\/Zi3tMKaTqE<\/a><\/p>\n<p>261,854 SOL (~$28.9M) has been withdrawn after stake authorization had been transferred to<a href=\"https:\/\/t.co\/o51kREYPHW\">https:\/\/t.co\/o51kREYPHW<\/a> <\/p>\n<p>Stay Vigilant! <a href=\"https:\/\/t.co\/GrxpyzI2Uv\">pic.twitter.com\/GrxpyzI2Uv<\/a><\/p>\n<p>\u2014 CertiK Alert (@CertiKAlert) <a href=\"https:\/\/twitter.com\/CertiKAlert\/status\/2017610781660217643?ref_src=twsrc%5Etfw\">January 31, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>After the incident, the team attempted to save the project by seeking additional funding and considering a business sale. However, these efforts failed. <\/p>\n<p>Step Finance co-founder George Harrap <a href=\"https:\/\/x.com\/george_harrap\/status\/2026025818120503483\">stated<\/a> he was willing to sell parts of the ecosystem if serious buyers emerged. <\/p>\n<p>The developers promised to partially compensate users for their losses. The platform will repurchase native STEP tokens based on a snapshot of balances before the hack. Holders of rToken assets from the Remora protocol will also be able to reclaim funds through a redemption process.<\/p>\n<p>At the time of writing, STEP is trading at $0.00058, having plummeted 37.8% in a day and 97.6% in a month. At its peak in April 2021, the token was valued at $10.20, according to <a href=\"https:\/\/www.coingecko.com\/en\/coins\/step-finance\">CoinGecko<\/a>.<\/p>\n<p>The loss of a major project is another blow to the decentralized finance ecosystem on Solana. The total value locked in the network has fallen by 50% from its September peak, now standing at $6.28 billion.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"290\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-015d705a05eb5f57-7133506183676392-1024x290.png\" alt=\"\u0421\u043d\u0438\u043c\u043e\u043a \u044d\u043a\u0440\u0430\u043d\u0430 2026-02-24 095917\" class=\"wp-image-275680\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-015d705a05eb5f57-7133506183676392-1024x290.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-015d705a05eb5f57-7133506183676392-300x85.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-015d705a05eb5f57-7133506183676392-768x217.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-015d705a05eb5f57-7133506183676392-1536x435.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/img-015d705a05eb5f57-7133506183676392.png 1612w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Source: <a href=\"https:\/\/defillama.com\/chain\/solana\">DefiLlama<\/a>.<\/figcaption><\/figure>\n<p>The SOL coin price has also dropped to $76.65, 74% below its all-time high.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"658\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-10a54f2f0159ad6f-7133529195938443-1024x658.png\" alt=\"SOLUSDT_2026-02-24_10-01-52\" class=\"wp-image-275681\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-10a54f2f0159ad6f-7133529195938443-1024x658.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-10a54f2f0159ad6f-7133529195938443-300x193.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-10a54f2f0159ad6f-7133529195938443-768x494.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-10a54f2f0159ad6f-7133529195938443.png 1428w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">15-minute SOL\/USDT chart on Binance. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/?symbol=BINANCE%3ASOLUSDT\">TradingView<\/a>.<\/figcaption><\/figure>\n<p>In February, the DeFi protocol ZeroLend <a href=\"https:\/\/forklog.com\/en\/news\/zerolend-defi-protocol-announces-closure\">announced<\/a> a complete shutdown. Later, the team behind the on-chain analytics service Parsec <a href=\"https:\/\/forklog.com\/en\/news\/uniswap-and-galaxy-backed-platform-parsec-shuts-down-without-explanation\">declared<\/a> the closure of their project after five years of operation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The DeFi aggregator Step Finance, based on Solana, has announced an immediate cessation of operations. The platform failed to recover following a major hack.<\/p>\n","protected":false},"author":1,"featured_media":94597,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Step Finance, SolanaFloor, and Remora Markets cease operations after a major hack.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1093,1276,1159],"class_list":["post-94596","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-defi","tag-layoffs","tag-solana-sol"],"aioseo_notices":[],"amp_enabled":true,"views":"202","promo_type":"1","layout_type":"1","short_excerpt":"Step Finance, SolanaFloor, and Remora Markets cease operations after a major hack.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/94596","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=94596"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/94596\/revisions"}],"predecessor-version":[{"id":94598,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/94596\/revisions\/94598"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/94597"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=94596"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=94596"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=94596"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}