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Step Finance Confirms $40 Million Theft, Shutters SolanaFloor and Remora Markets

Step Finance Confirms $40 Million Theft, Shutters SolanaFloor and Remora Markets

Step Finance will close its Solana-based platforms on February 24, 2026, after a January hack compromised $40 million and thwarted recovery and acquisition efforts.

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USDC

Fact Check
Multiple independent and credible cryptocurrency-focused news outlets consistently report that Step Finance suffered a major security breach involving approximately $40 million worth of assets. This incident led to the decision to shut down associated platforms SolanaFloor and Remora Markets. The reports describe the hack as devastating, detail the operational cessation of all three entities, and mention buyback or redemption plans for token holders. The $40M figure is consistently cited, with some sources noting a range of $30-40M, which still supports the statement's claim. There are no credible contradictory accounts and no evidence suggesting the closure or theft did not occur. Source authority ranges around 0.7-0.75 and relevance is high, indicating strong alignment between the reported facts and the statement.
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Summary

Step Finance announced in an official statement that it will shut down its Solana-based platforms, including SolanaFloor and Remora Markets, on February 24, 2026, following a January hack that drained up to $40 million. The company cited failed attempts to secure funding and acquisition deals as reasons for the closure. Remora Markets confirmed that rTokens remain fully backed at a 1:1 ratio and can be redeemed for USDC, while SolanaFloor will halt updates but preserve its archive. Recovery efforts earlier reclaimed $3.7 million in Remora assets and $1 million in other positions, alongside a STEP token buyback plan.

Terms & Concepts
  • rTokens: Tokenized representations of underlying assets issued by Remora Markets, designed to remain fully backed at a 1:1 ratio.
  • USDC: USD Coin, a U.S. dollar-pegged stablecoin widely used for digital asset trading and redemptions.
  • Solana: A high-performance blockchain network supporting decentralized applications and digital asset projects.