Step Finance, SolanaFloor, and Remora Markets will all cease operations simultaneously

Step Finance announced on February 24 that its SolanaFloor and Remora Markets platforms will cease operations immediately. The team noted that following a hack in late January, it explored multiple options—including funding and mergers/acquisitions—but failed to secure viable outcomes, leading to the decision to shut down all operations. The team added it will conduct a buyback for STEP token holders based on a snapshot taken prior to the incident, and launch a redemption process for Remora rToken holders. Remora tokens remain fully asset-backed at a 1:1 ratio. More details will be announced at a later date. As BlockBeats previously reported, Step Finance issued a statement on February 3 regarding the hack: Approximately $40 million in treasury assets were stolen due to a breach of a company executive’s device. Upon discovering the security vulnerability, Step Finance immediately engaged cybersecurity researchers and relevant authorities for investigation, notified law enforcement, and temporarily paused some operations. The announcement stated it has so far recovered about $3.7 million in Remora-related assets and roughly $1 million in other positions.