Step Finance Shuts Down After January Treasury Hack
Step Finance and SolanaFloor announced immediate shutdowns after a treasury hack in late January. The company explored financing and acquisition options but could not secure a viable path forward.
Key Takeaway
A treasury hack ended Solana's first portfolio dashboard despite serving 350,000 monthly users and 95% protocol coverage.
Step Finance and SolanaFloor are shutting down immediately after a treasury hack at the end of January crippled the Solana ecosystem platforms.
Step Finance co-founder George Harrap had built the platform into Solana's first portfolio dashboard since its 2021 launch. The company explored financing and acquisition options after the breach but could not secure a viable path forward, according to an official statement.
Step Finance served 350,000 monthly active users before the shutdown. The platform achieved 95% protocol coverage across the Solana ecosystem and had grown to over 20 team members after acquiring both SolanaFloor for NFT analytics and Remora Markets for real-world assets.
Before the hack, the company had been expanding aggressively. Step Finance launched a data API for institutions, rolled out a V3 platform beta with multi-wallet support, and released a mobile wallet integrating Dialect's Blinks for one-click DeFi earning through Kamino. The company also managed an aggressive token buyback and burn program, purchasing 1.56 million STEP tokens in July and burning 50 million tokens in 2024, following an earlier burn of 295 million tokens in 2021, while staking 150 million STEP for governance and fee-sharing before the treasury breach forced the shutdown.
This article was written based on reporting from BeInCrypto.
