What Happens to STEP and Remora Token Holders?

[bonk]

Following the shutdown, Step Finance announced plans to conduct a buyback program for STEP token holders based on a pre-incident snapshot taken before the hack. The company stated it is working through the mechanics of this process to provide some recovery path for affected holders, though further operational details are expected.

For users of Remora Markets, Step clarified that Remora rTokens remain backed 1:1, and a redemption process will be made available. Despite the platform closures, the team emphasized that token backing remains intact. However, the STEP token itself experienced a sharp collapse in value following the breach, reflecting the loss of market confidence after one of the most significant treasury hacks to hit the Solana ecosystem in recent years.

[chainsniff]

buyback program unlocked after the treasury already speedran disappearance

[The_Walking_Dead]

Buybacks after a hack always feel like damage control.

[bred]

Snapshot-based recovery is better than nothing.

[Capybara_Capybara]

Confidence is harder to restore than liquidity.

[Revenant]

“Backed 1:1” means little without trust

[d82ae58262]

Treasury hacks keep testing Solana projects.