DeFi aggregator Step Finance announced an immediate shutdown of its operations. The decision affected its subsidiaries: Solana NFT analytics, the SolanaFloor media project, as well as the Remora Markets lending protocol.
The team took this step due to an inability to recover funds following the January hacker attack.
Background
Attackers targeted the aggregator's treasury wallets on January 31. CertiK analysts recorded an unauthorized withdrawal of 261,854 SOL coins, valued at over $27 M. Developers later estimated the total losses at $40 M.
The native STEP token collapsed by 96% immediately after the treasury breach. News of the project's closure triggered an additional 36% drop in the coin's price, pushing the rate down to $0.0005796.
The team promises to organize a STEP token buyout procedure for holders based on a network snapshot taken before the attack. Developers plan to launch an equivalent redemption process for rToken coin owners from the closing Remora protocol.