Step Finance, SolanaFloor and Remora Markets cease operations after hack
Today, Step Finance, SolanaFloor, and Remora Markets announced they will be winding down all operations due to failure in securing financing or selling the business following a hack at the end of January. The teams are arranging a buyback for STEP token holders and a redemption process for Remora rToken holders. The STEP token price plummeted 96% after the hack and further dropped roughly 36% upon the closure announcement.
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The teams expressed gratitude to their communities and millions of users for their support over the years. Despite efforts to find a viable path forward, they concluded that ceasing operations is the best outcome under current circumstances. Remora tokens remain backed 1:1. More details will be shared soon.
This development highlights the vulnerabilities within crypto projects, especially in a highly competitive ecosystem like Solana. It may prompt further protective measures from market participants to safeguard investors and stabilise the environment.
