Step Finance Shuts Down After $40M Security Breach

Step Finance, a prominent decentralized finance platform on the Solana blockchain, along with affiliated services SolanaFloor and Remora Markets, announced on February 23, 2026, that they would wind down all operations immediately following a major security breach at the end of January.

The breach, which occurred on January 31, compromised executive team devices and provided unauthorized access to the platforms treasury and fee wallets. Attackers unstaked and transferred 261,854 SOL, valued at approximately 27 million to 30 million at the time, along with other assets that brought total losses to around 40 million. Step Finance confirmed the incident did not involve vulnerabilities in its smart contracts but stemmed from endpoint security issues, including device management and private key storage. Partners recovered about 4.7 million in assets using the Token-2022 framework on Solana, but the remaining financial damage proved insurmountable.

In an official statement on X, Step Finance explained that the team had explored all possible recovery options, including financing rounds and acquisition discussions, but found no viable path forward. "Today we are announcing that Step...