Crypto: 3 Solana Platforms To Shutter Following Devastating $27m Hack

Solana DeFi aggregator Step Finance says it was "unable to secure a viable outcome” after being hacked $27 million in January.

Three Solana-based platforms have announced they are shutting down after a Step Finance hack at the end of January that has been deemed unrecoverable.

Solana portfolio dashboard and DeFi aggregator Step Finance announced on Monday that it would be winding down operations. The closure also extends to subsidiaries Solana NFT analytics and the ecosystem media outlet SolanaFloor, as well as lending and yield protocol Remora Markets.

“Following the hack at the end of January, we explored every possible path forward, including financing and acquisition opportunities,” it stated, referring to a $27 million security breach of its treasury wallets in January.

The team said they were “unable to secure a viable outcome,” resulting in the decision to “end all operations effective immediately.”

The DeFi platform said it is working on a buyback for holders of its native token, STEP, based on a snapshot taken before the incident. There will also be a redemption process for Remora rToken holders, they said.

Step Finance reported a “breach of security for some of our treasury wallets” on Jan. 31 and asked cybersecurity firms to assist with the investigation.

Blockchain security firm CertiK reported that 261,854 Solana (SOL), worth roughly $27 million at the time, was unstaked and transferred during the incident.

Related: Solana treasuries sitting on over $1.5B in paper SOL losses

Crypto investor Mike Dudas said he was contacted by Step Finance about participating in a bridge round, but requested a security post-mortem first and received no response.

Source: CoinTelegraph