Solana Shake-Up: 3 Platforms Shut After $27M Hack
Fhumulani Lukoto
- 2 min read
Key Takeaways
- Big security wake-up call: The $27M hack exposed real weaknesses in parts of the Solana ecosystem, reminding everyone that even fast-growing networks still have vulnerabilities to fix.
- Projects are feeling the pressure: Three platforms shutting down shows how serious the impact was—some teams simply couldn’t recover, financially or reputationally.
- Trust needs to be rebuilt: For users and investors to stay confident, projects will need to be more transparent, improve security, and prove they can handle future risks better.
The Solana ecosystem was rocked by a high-profile security breach late last month, resulting in the closure of three decentralised finance (DeFi) analytics and tokenised markets platforms.
The closure underscores growing woes across decentralised finance and raises immediate questions about safety, resilience and investor faith in one of crypto’s key living environments.
An Attack That Crippled More Than Code
Step Finance, a popular DeFi dashboard and portfolio aggregator on the Solana blockchain, reported a significant security breach on 31 January 2026. According to reports, attackers compromised a set of treasury wallets, allowing them to withdraw 261,854 SOL tokens—valued at roughly $27 million at the time.
Although the breach didn’t involve a smart contract exploit, it reportedly came from compromised devices connected to the platform’s executives. This event serves as a reminder that traditional operational risks can be just as damaging, if not more extensive, than code vulnerabilities in the world of cryptocurrency.
Most of the Step Finance team had spent weeks searching to see if they could find a way to rescue it with financial and acquisition options as considerations, but in the end, they decided that after months of trying, they couldn’t find a viable path forward, and immediately announced winding down all operations.
This choice has implications beyond just Step Finance. Two affiliated platforms; SolanaFloor, an NFT analytics and ecosystem media outlet, and Remora Markets, a tokenised equities trading protocol will also halt their operations.
In an effort to support affected users, the team said it is preparing a buyback program for STEP token holders, based on a snapshot taken before the hack, and is working on a redemption process for holders of Remora’s rTokens.
Financial Ripples and Confidence Erosion
The immediate aftereffect has been severe. The native STEP token has nearly crashed in value, down some 96 % days after news that the platform was hacked and down another 36 % after it announced the shutdown, placing it at near-worthless levels compared to its all-time high of $10.20 in 2021.
But its impacts go far beyond a single token. Solana’s wider DeFi ecosystem is under strain:
- Total value locked (TVL) across Solana DeFi has plummeted more than 50 % from its late-2025 high, and today sits around $6.3 billion.
- The price of SOL itself has slipped roughly 74 % from its January 2025 all-time high, trading around $78 amid persistent bearish sentiment.
Industry observers see the shutdown of these platforms as a broader indicator of declining confidence in smaller DeFi projects, particularly those without deep financial reserves or strong revenue-generating mechanisms to survive major setbacks. It also adds pressure to Solana’s narrative as a high-performance blockchain when core ecosystem services suddenly vanish.
The Broader Crypto Picture
| Metric | Before Hack | After Hack/Now |
| STEP Token Price | ~$X (pre-hack) | ~$0.00057 (96%+ crash) |
| Solana DeFi TVL | Peak (Sept 2025) | ~$6.3 B (down ~50 %) |
| SOL Price | ~$293 (Jan 2025 peak) | ~$78 (current) |
| SOL Stolen | ~261,854 SOL | ~$27 M loss |
This quantitative snapshot illustrates the speed with which value can erode across tokens, protocols and beholden broader ecosystems, led by cascading losses and confidence shocks.
Harsh Lessons and a Road Ahead
The shutdown of Step Finance, SolanaFloor and Remora Markets marks one of the biggest platform exits in Solana’s recent history — a development likely to be cited as part of future discussions on DeFi security for years to come.
For investors and builders alike, this incident drives home the fundamental need for solid operational security practices, defensively cautious key handling/recovery plans, and diversification in funding. It also serves as a reminder to the broader crypto community that vulnerabilities are not limited to code; human elements are arguably even more significant, and infrastructure must be guarded against sophisticated social engineering and device-level threats.
Even with this setback, the Solana ecosystem isn’t standing still. Developers and teams are still building—experimenting with innovations in NFTs, refining DeFi tools, and exploring institutional integration. What feels uncertain right now may, in time, become a turning point. But that depends on something deeper than technology: rebuilding trust through openness, better decision-making structures, and systems designed to endure stress rather than collapse under it.
As things begin to settle, the story is far from over. Some projects will adapt and grow stronger, others may quietly fade, and new ones will emerge from the lessons learned. The real question is whether this moment becomes just another setback—or the foundation for a more resilient and thoughtful chapter in Solana’s journey.
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Fhumulani Lukoto
Cryptocurrency Journalist
Fhumulani Lukoto holds a Bachelors Degree in Journalism enabling her to become the writer she is today. Her passion for cryptocurrency and bitcoin started in 2021 when she began producing content in the space. A naturally inquisitive person, she dove head first into all things crypto to gain the huge wealth of knowledge she has today. Based out of Gauteng, South Africa, Fhumulani is a core member of the content team at Coin Insider.