Step Finance to Shut Down After Security Breach; SOL Falls Below $77

Step Finance announced an immediate shutdown on Feb. 23, 2026, following a security breach that drained over 260,000 SOL from its treasury, CoinJournal reports. The STEP token collapsed nearly 100% since the incident, and SolanaFloor and Remora Markets will also wind down operations; Remora users may redeem rTokens for USDC and Step Finance plans a buyback program for eligible STEP holders based on a pre-hack snapshot. SOL dropped below $77 over the past 24 hours, with derivatives data showing negative funding rates, rising long liquidations and a long-to-short ratio below 1. Technical indicators remain cautious: SOL is trading below its 50-day and 200-day EMAs with RSI near oversold, and traders are watching $75 as key support; a break below could lead to downside toward the $63–$51 range, according to CoinJournal and Coinlore.