Three projects in the Solana ecosystem announced they will stop operations after a January security breach, citing failed fundraising and sale attempts.

Projects and rationale

The teams behind Step Finance, SolanaFloor and Remora Markets said they could not secure investment or complete a sale following the incident in January.

As a result, each project decided to wind down services and cease active development, according to the public statements released by the teams.

Market impact

The STEP token fell 96% immediately after the hack and declined by a further 36% on reports of the shutdowns.

The token currently trades at approximately $0.00057, compared with its peak of $10.20 in 2021, reflecting a substantial loss of value for holders.

Broader context

The closures highlight persistent fundraising and security challenges within some segments of the crypto ecosystem, particularly after high-profile incidents that undermine investor confidence.

Developers and users linked to the affected projects must now address asset management and access to remaining funds while the ecosystem assesses further risk mitigation measures.