Step Finance shuts operations after $27 million January hack

Finance Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Step Finance shuts operations after $27 million January hack Step is working on a buyback for holders of native token STEP based on a snpashot of holdings and value prior to the incident. By Jamie Crawley | Edited by Sheldon Reback Feb 24, 2026, 10:36 a.m. Make us preferred on Google DeFi portfolio tracker Step Finance will wind down operations effective immediately. (Tim Mossholder/Unsplashed, modified by CoinDesk) What to know : DeFi portfolio tracker Step Finance will wind down operations effective immediately following a $27 million hack in January. Native token STEP lost nearly 96% of its value following the incident, and is a further 36% lower in the last 24 hours after the project announced its closure. Affiliate projects SolanaFloor, a Solana-focused media outlet, and tokenization platform Remora Markets, will also close. 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. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy . 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. Step Finance Solana News Hacks More For You Hong Kong's RedotPay said to plan blockbuster $1 billion IPO in New York: Bloomberg By Omkar Godbole | Edited by Sheldon Reback 1 hour ago The stablecoin payments company has hired JPMorgan, Goldman Sachs and Jefferies, according to Bloomberg. What to know : RedotPay, a Hong Kong-based stablecoin payments company, is preparing a U.S. IPO that could raise more than $1 billion and value the firm at over $4 billion, according to Bloomberg. The company, which became a unicorn in 2024 and now has more than 6 million registered users, has hired JPMorgan, Goldman Sachs and Jefferies to explore a New York listing as early as this year. Backed by major crypto investors including Accel, Pantera Capital and Blockchain Capital, RedotPay’s offering would be among the largest IPOs to emerge from Asia’s stablecoin sector. Read full story Latest Crypto News Canaan buys Cipher’s 49% of West Texas mining venture for $39.75 million in stock 20 minutes ago Hong Kong's RedotPay said to plan blockbuster $1 billion IPO in New York: Bloomberg 1 hour ago Bitcoin's price discovery is moving to Chicago 3 hours ago Polymarket bettors put $3 million on which crypto firm ZachXBT will expose next 3 hours ago Jane Street faces claims of insider trading that sped up Terraform's 2022 collapse 5 hours ago ETH, SOL, XRP extend losses as AI scare trade unsettles risk markets 5 hours ago Top Stories Bitcoin dips under $63,000 and history says more pain ahead before bottom forms 5 hours ago Anthony Pompliano led Procap Financial dips toe into buybacks 19 hours ago BitMine Immersion added $98 million of ether last week as losses balloon to more than $8 billion 20 hours ago Ethereum's cofounder Vitalik Buterin sells more ether while prices continues to slide Feb 23, 2026