Crypto’s worst time appears to be looming, as multiple firms and platforms have recently announced the shutdown of their operations. Adding to the latest list of wind-downs, two Solana-based ventures, Remora Markets and SolanaFloor, have announced ceasing their operations due to financial crisis.
The domino effect of Step Finance’s fallout
The shutdown is not limited to just Remora Markets and SolanaFloor. Their parent company, Step Finance, a Solana-based portfolio dashboard and analytics platform, has officially announced its wind-down. Remora Markets is a Solana-based tokenized asset platform that allows users to mint and trade rTokens on Solana. Meanwhile, SolanaFloor works as a crypto media platform exclusively for the Solana ecosystem.
The reason for the shutdowns is quite clear. Both the platforms supporting Solana-based developments faced the impacts of their parent company, Step Finance. Last month, Step Finance was hit with a major security breach of its treasury wallets. Hackers stole roughly $30 million to $40 million worth of Solana from its treasury.
This has drained the financial reserves of Step Finance, gradually declining confidence in its native STEP token. Additionally, the crypto firm could not successfully implement viable recovery efforts after the breach, including raising money and working toward acquisition talks.
Step Finance executives officially wrote in an X post: “Following the hack at the end of January, we explored every possible path forward, including financing and acquisition opportunities.”
In turn, the fallout ultimately rippled, pushing both the Remora Markets and the Solana Floor to struggle to operate actively, finalizing their farewell from the crypto industry.
The array of crypto layoffs and platform shutdowns widens
Although crypto layoffs and platform wind-downs are well-discussed topics, the current market situations are opening more windows to take such events more seriously. The impacts of the Epstein files, market crash, multiple hacking incidents, and other geopolitical tensions are deteriorating the revenue, investments, and investor confidence in major crypto platforms.
Earlier this month, Jack Dorsey-linked payments firm Block announced reducing 19% of its workforce, while Winklevoss-owned Gemini is cutting off 25% of its workforce, and winding down operations in the US, the European Union, and Australia.
Workforce reductions and restructuring also expanded to fintech firms, as Google reduced hundreds of jobs as part of its leap towards AI development, in December 2025, and Amazon, Meta, Remitly, and Salesforce laid off thousands of employees.
