🚨 Step Finance is shutting down it's Solana platforms 🚪
👩💻After a hack in January drained up to $40 million, Step Finance announced it will close its Solana-based platforms, including SolanaFloor and Remora Markets, effective immediately.
The breach targeted executive devices, not smart contracts, showing how even strong tech can be vulnerable if internal controls fail. 🔐
The team is preparing buybacks and token redemptions for STEP holders and confirmed that all Remora rTokens remain fully backed 1:1 with USDC.
Despite recovering around $4.7 million, it wasn’t enough to stabilize operations.😫
📉STEP token collapsed over 97%, wiping out most of its market value, and fundraising proved impossible. Leaders said this shutdown was the most responsible move given the financial strain.
✋️Even crypto platforms we trust aren’t immune to operational mistakes.
💬 What do you think — could better internal security have saved Step Finance?
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