Step Finance, SolanaFloor and Remora Markets have announced that they will be winding down all operations, effective immediately, following a security incident that occurred at the end of January. The decision comes after the teams evaluated multiple options to keep the businesses running but ultimately concluded that no viable path forward was available.
Source : Step Finance Tweet
In their statement, the teams explained that they had explored “every possible path forward,” including both new financing and potential acquisition opportunities. Despite these efforts, they were unable to secure a solution that would allow the projects to continue operating. As a result, they have chosen to cease all activities across the three platforms.
As part of the wind-down, Step Finance is preparing a buyback program for STEP token holders. The buyback will be based on a snapshot of balances taken prior to the security incident, aiming to reference holdings before the hack took place. Further technical or logistical details of the buyback process were not provided in the announcement, beyond the indication that it will rely on this pre-incident snapshot.
Alongside the STEP token plan, the teams also outlined a redemption process for holders of Remora’s rTokens. According to the announcement, Remora tokens remain backed 1:1, and a mechanism is being organized to allow rToken holders to redeem against that backing. No timeline or procedural specifics were disclosed, but the statement emphasized that the backing is intact despite the broader operational shutdown.
The projects addressed their communities directly, expressing gratitude for the support they have received over the years. They highlighted that millions of customers have used their products and services, and acknowledged the role that community members played throughout the lifespan of Step Finance, SolanaFloor and Remora Markets. The teams described the shutdown as a difficult decision but stated that they are confident it is the most appropriate outcome under the current circumstances.
In the aftermath of the January hack, the announcement also included a security warning to users. The teams advised community members to stay alert for opportunistic phishing attempts that may seek to exploit the uncertainty around the incident and the ongoing wind-down. They noted that at least one such phishing attempt had already been shared in their Discord channel on the day of the announcement, underscoring the need for heightened vigilance.
The teams stressed that, despite the communication around future plans, no final remediation solution for token holders has been determined yet. While a STEP token buyback and Remora rToken redemption are being worked on, the exact structure, timing and implementation of these measures remain under development. Users were cautioned to be wary of any messages or websites that claim to offer immediate remediation, migration or redemption outside of official channels.
With operations now halted, the focus for Step Finance, SolanaFloor and Remora Markets shifts to managing the token-related processes and communicating clearly with their communities. The projects indicated that they remain committed to handling the transition responsibly, even as day-to-day activities and services wind down.
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