Three platforms built on the Solana network have officially ceased operations following a US$27 million hack, equivalent to approximately Rp454 billion, at the end of January 2026. The stolen funds were declared unrecoverable, leaving the company without sufficient financial capacity to continue its business activities.

The primary platform affected was Step Finance, widely known as a portfolio dashboard and DeFi aggregator within the Solana ecosystem. On Monday (February 23, 2026), Step Finance announced that it would terminate all business operations. The shutdown also includes its affiliated entities, namely the NFT analytics platform SolanaFloor and the lending and yield protocol Remora Markets.

In its official statement, the Step Finance team explained that it had explored multiple options to salvage the company, including seeking additional funding and considering acquisition opportunities. However, none of these efforts resulted in a viable path to sustain operations.

They stated that following the late-January hack, every possible avenue had been examined, including fundraising and acquisition prospects, but no solution was secured to ensure business continuity. As a result, the company ultimately decided to wind down all operations effective immediately.

The Beginning of the Step Finance Hack

The breach occurred on January 31, 2026, when Step Finance disclosed a security compromise involving several of its treasury wallets.

The company subsequently collaborated with a cybersecurity firm to conduct an investigation. According to a report from CertiK, a total of 261,854 SOL were unstaked and transferred from the company’s wallets. At the time of the incident, the assets were valued at approximately US$27 million.

The impact was severe. The platform’s native token, STEP, plunged by 96% within days of the attack. Following the announcement of the operational shutdown, STEP declined an additional 36% and is now trading around US$0.00058, according to CoinMarketCap data. Notably, in August 2021, STEP had reached an all-time high of US$10.20.

As a form of accountability to users, the Step Finance team stated that it is preparing a buyback mechanism for STEP token holders based on pre-hack ownership records. In addition, rToken holders from Remora Markets will be provided with a redemption process.

The simultaneous closure of these three entities signals mounting pressure within Solana’s DeFi sector. Data from DeFiLlama shows that the Total Value Locked (TVL) in Solana’s DeFi ecosystem currently stands at approximately US$6.3 billion, or around Rp106 trillion, representing a 52% decline from its peak in September last year.

Meanwhile, the price of SOL remains on a downward trend. The token is currently trading near US$78, down 1% over the past 24 hours. Compared to its all-time high of US$293 in January 2025, SOL has now corrected by roughly 74%.