Step Finance, SolanaFloor, and Remora Markets will all cease operations simultaneously

BlockBeats News, February 24th, Step Finance announced that its SolanaFloor and Remora Markets will cease operations immediately. The team stated that after experiencing a hack at the end of January, they had explored various options, including funding and M&A, but failed to achieve viable results, ultimately deciding to shut down all operations.

The team mentioned that they will conduct a buyback for STEP holders based on a snapshot taken before the incident and initiate a redemption process for Remora rToken holders. The Remora token currently remains 1:1 asset-backed. More details will be announced in the future.

BlockBeats previously reported that on February 3rd, Step Finance released a statement regarding the hack: approximately $40 million in assets from its treasury was stolen due to a breach of a company executive's device. Step Finance stated that upon discovering the security vulnerability, they promptly engaged with cybersecurity researchers and relevant authorities for investigation, informed law enforcement, and temporarily halted some operations. The announcement indicated that they have currently recovered about $3.7 million in Remora-related assets and approximately $1 million in other positions.