"Solana-based Step Finance to shut down operations in wake of $40 million hack"

Solana (SOL)-based portfolio management platform Step Finance will ultimately cease operations following a security incident involving roughly $40 million.

According to crypto industry outlet The Block on the 24th, Step Finance said it decided to wind down the business after a security breach on the 31st of last month led to the loss of about $40 million from the company treasury and fee wallets. The firm added that it attempted fundraising and acquisition talks, but none came to fruition.

The company recently said via X (formerly Twitter) that it failed to secure external liquidity, and that acquisition approaches and additional fundraising efforts also fell through. As a result, not only the parent company but also subsidiaries SolanaFloor and Remora Market will be affected.

Step Finance is an integrated dashboard service for the Solana ecosystem founded in 2021. It has supported users by allowing them to view liquidity provider (LP) tokens, decentralized finance (DeFi) yield products, and various positions on a single screen. Toward the end of 2024, it acquired Moose Capital, reorganized it into Remora Market, and expanded into tokenized trading of equities such as Nvidia and Tesla.

Meanwhile, its native token STEP plunged about 40% over the past 24 hours to $0.0005. Its market capitalization stands at about $186,000. STEP previously rose to as high as $10.2 on April 2021.