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Solana DeFi aggregator Step Finance says it was "unable to secure a viable outcome” after being hacked $27 million in January.Three Solana-based platforms have announced they are shutting down after a Step Finance hack at the end of January that has been deemed unrecoverable.
“Following the hack at the end of January, we explored every possible path forward, including financing and acquisition opportunities,” it stated, referring to a $27 million security breach of its treasury wallets in January. The team said they were “unable to secure a viable outcome,” resulting in the decision to “end all operations effective immediately.” The DeFi platform said it is working on a buyback for holders of its native token, STEP, based on a snapshot taken before the incident. There will also be a redemption process for Remora rToken holders, they said.a “breach of security for some of our treasury wallets” on Jan. 31 and asked cybersecurity firms to assist with the investigation.he was contacted by Step Finance about participating in a bridge round, but requested a security post-mortem first and received no response.on Tuesday that “Some people have reached out on acquiring various businesses, and we will pursue those if serious and have interest, but we are on a time crunch.” The platform’s native STEP token tanked 96% in the days following the hack. It slumped a further 36% following the announcement of the closure on Monday and is currently trading at $0.00057, according to CoinGecko.The triple closure is another blow to decentralized finance on Solana, which has seen total on-chain value tank 52% since its September peak. Solana DeFi TVL currently stands at just $6.3 billion,to CoinGecko. The asset is now 74% down from its January 2025 all-time high of $293, hit during the peak of memecoin mania.Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy
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