A crypto heist in January has led to the shutdown of the decentralized finance platform Step Finance, the company announced Monday.
Earlier this month, Step Finance said about $40 million had been stolen from its treasury on January 31 after devices owned by members of its executive team were compromised. The DeFi platform said it is winding down operations as a direct result of the theft.
“Following the hack at the end of January we explored every possible path forward, including financing and acquisition opportunities. Unfortunately, we were unable to secure a viable outcome and have made the difficult decision to end all operations effective immediately,” the company said this week.
Two associated projects, the news outlet SolanaFloor and trading platform Remora Markets, will also be shut down. Step Finance was founded in 2021 and later acquired Remora Markets.
The platform allowed users to manage their crypto assets and positions with visualizations and trackers.
The company explained that it is working on a buyback program for people holding STEP coins and a redemption process for people who held Remora tokens.
It was able to recover about $3.7 million in stolen Remora assets and about $1 million in other coins. A snapshot was taken from before the theft so that Step token holders could be reimbursed.
The shutdown comes days after two security incidents that saw crypto platforms lose $10 million and more than $4 million, respectively.
More than $3 billion worth of cryptocurrency was stolen in attacks on platforms and personal wallets last year.
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Jonathan Greig
is a Breaking News Reporter at Recorded Future News. Jonathan has worked across the globe as a journalist since 2014. Before moving back to New York City, he worked for news outlets in South Africa, Jordan and Cambodia. He previously covered cybersecurity at ZDNet and TechRepublic.
