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The Solana ecosystem faced a major blow after 261,854 SOL, worth about $27 million, was stolen from a project treasury.
Step Finance, SolanaFloor, and Remora Markets shut down after failing to recover from financial loss.
The hack exposed security weaknesses in off-chain key management, not in the Solana blockchain itself.
The Solana ecosystem faced a major shock after a large treasury hack in January 2026. A total of 261,854 SOL was stolen from project wallets. At the time of the attack, this amount was worth about $27 million. Later estimates, including related losses and price impact, placed the total damage closer to $40 million.
The stolen funds belonged to a treasury connected to Step Finance. This platform was widely used for tracking portfolios, tokens, and decentralized finance activity on Solana. The incident did not affect the Solana blockchain itself. Instead, it happened due to issues with device security and private key management.
Reports show that the breach took place on January 31, 2026. Attackers gained access to wallets that stored treasury and fee funds. These wallets were controlled off-chain. This means the weakness was not in smart contracts but in operational security.
Once access was gained, the attackers quickly moved the SOL out of the wallets. The transfers were visible on SOL’s blockchain network, and the community noticed unusual activity soon after. However, the funds were already gone.
Security experts explained that compromised executive devices and poor key handling practices were likely the entry points. This event highlighted how human errors can pose serious risks to crypto projects.
After the loss, the team tried to find funding or a buyer. Talks were held with possible partners, but no deal was strong enough to cover the gap left by the stolen funds. As a result, operations were stopped.
Step Finance announced it would close. Two related platforms also ended their services. These included SolanaFloor, an NFT analytics and media outlet, and Remora Markets, a trading and tokenization project.
The shutdowns were confirmed in late February 2026. The decision marked the end of three known names in the Solana ecosystem.
Also Read - Why Solana (SOL) Might be Set for a $100 Short Squeeze in 2026
The hack caused heavy damage to investor confidence. The native token on the affected platform dropped by more than 96% in value over a short period. Liquidity dried up quickly as holders rushed to sell.
The sudden fall made recovery very difficult. Even though the team explored rescue plans, the loss was too large compared to available resources.
To reduce the impact, a buyback plan based on a pre-hack snapshot was introduced. For certain products under Remora Markets, redemption was offered in USDC at a 1:1 rate. These steps aimed to provide users with some compensation, but they could not fully restore their losses.
The wider Solana network remained active, but the event sparked fear across the decentralized finance ecosystem. Total value locked across some Solana protocols saw short-term pressure. Traders became more cautious about projects that hold large treasuries in centralized wallets.
At the same time, SOL price held near key support levels despite market stress. This showed that, while one major project failed, the overall blockchain network continued to operate normally.
Also Read - Solana Price Prediction for 2026 to 2030: Will Investor Optimism Change SOL Movement?
This incident shows that strong code alone is not enough. Security must also cover devices, wallet access, and internal processes. Multi-signature wallets, hardware security tools, and strict access controls are now being discussed more seriously.
Many developers see this as a precautionary note. Better treasury protection and stronger governance systems may help prevent similar losses in the future.
The $27 million hack stands as one of the biggest treasury breaches in Solana projects this year. While three platforms have closed, the broader ecosystem continues to build, with greater focus on safety and long-term trust.
1. How much was stolen in the hack?
Around 261,854 SOL was taken, valued at roughly $27 million at the time of the breach.
2. Was the Solana blockchain hacked?
No. The issue was related to compromised treasury wallets and private key management, not the blockchain network.
3. Which platforms closed after the incident?
Step Finance, SolanaFloor, and Remora Markets ended operations following the loss.
4. What happened to the project’s token price?
The native token linked to the platform dropped by more than 96% shortly after the news broke.
5. What lessons does this event highlight?
It shows the importance of strong wallet security, better treasury controls, and improved operational safeguards in crypto projects.
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