TechFlow reports that on February 24, according to an official announcement from Step Finance, Step Finance, SolanaFloor, and Remora Markets will cease all business operations. The project stated that, following a hack at the end of January, the team explored multiple options—including fundraising and acquisition—but failed to identify a viable solution, leading to the difficult decision to immediately wind down all operations.
Meanwhile, the team is developing a buyback plan for STEP token holders based on a snapshot taken prior to the incident, and establishing a redemption process for Remora rToken holders. Remora tokens remain fully backed at a 1:1 ratio.
Earlier reports indicated that Step Finance suffered a hack at the end of January, resulting in losses amounting to $40 million.
