Step Finance shuts operations after $27 million January hack

Decentralized finance (DeFi) portfolio tracker Step Finance said it will wind down operations effective immediately.

The Solana-based platform was subject to a hack at the end of January, which saw 261,854 SOL, worth roughly $27 million at the time, stolen.

Step said it was unable to secure a viable outcome following the hack after it “explored every possible path forward, including financing and acquisition opportunities,” in a post on X on Monday.

The project is working on a buyback for holders of native token STEP based on a snpashot of holdings and value prior to the incident.

STEP lost nearly 96% of its value following the incident, and is a further 36% lower in the last 24 hours after the closure announcement.

Step Finance was founded in 2021 and offered an aggregation of yield farms, liquidity provider (LP) tokens and other DeFi positions from a single platform.

Affiliate projects SolanaFloor, a Solana-focused media outlet, and tokenization platform Remora Markets, will also close.