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Step is in the process of arranging a buyback for holders of the native token STEP, based on a snapshot of holdings and values prior to the incident.
DeFi portfolio tracker Step Finance will cease operations immediately. (Tim Mossholder/Unsplashed, modified by CoinDesk)
What to know:
- DeFi portfolio tracker Step Finance will cease operations immediately following a $27 million hack that occurred in January.
- Native token STEP has experienced a decline of nearly 96% in value following the incident, and has dropped another 36% in the last 24 hours after the announcement of its closure.
- Affiliate projects SolanaFloor, a media outlet focused on Solana, and the tokenization platform Remora Markets, will also shut down.
Decentralized finance (DeFi) portfolio tracker Step Finance announced it would be winding down operations effective immediately.
The Solana-based platform experienced a hack at the end of January, resulting in the theft of 261,854 SOL, valued at approximately $27 million at that time.
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Step indicated it could not achieve a favorable outcome following the hack after it “explored every possible path forward, including financing and acquisition opportunities,” in a post on X on Monday.
The project is in the process of organizing a buyback for holders of the native token STEP based on a snapshot of holdings and values prior to the incident.
STEP has declined nearly 96% in value following the incident and is down an additional 36% within the last 24 hours after the closure announcement.
Step Finance was established in 2021 and provided an aggregation of yield farms, liquidity provider (LP) tokens, and other DeFi positions from a single interface.
Affiliate projects SolanaFloor, a Solana-focused media outlet, and tokenization platform Remora Markets, will also be shutting down.
