Decentralized finance (DeFi) portfolio tracker Step Finance said it will close trading with immediate effect.
The Solana-based platform was the target of a hack in late January, in which 261,854 SOL, worth approximately $27 million at the time, were stolen.
Step said it was unable to secure a viable outcome following the attack after “exploring all possible avenues, including financing and acquisition opportunities,” in a post on X on Monday.
The project is working on a buyback for holders of the native STEP token based on a snapshot of holdings and value before the incident.
STEP lost almost 96% of its value following the incident and is down a further 36% in the last 24 hours following the closure announcement.
Step Finance was founded in 2021 and offered an aggregation of yield farms, liquidity provider (LP) tokens, and other DeFi holdings from a single platform.
Affiliated projects SolanaFloor, a Solana-focused media outlet, and tokenization platform Remora Markets will also close.
