Step Finance to cease all operations

Solana ecosystem project Step Finance (STEP) announced on its official X account that it is ceasing all business operations. The shutdown includes the on-chain protocol Remora Markets and the Solana ecosystem media platform SolanaFloor. The decision follows a $40 million hacking incident the project suffered in January. The team stated that after the hack, they explored all possible solutions, including fundraising and acquisitions, but were unsuccessful. They added that a buyback for STEP holders based on a pre-hack snapshot and a redemption process for token holders linked to Remora Markets are underway, with more details to be announced soon.