Step Finance, a prominent decentralized finance platform within the Solana ecosystem, has confirmed a security incident involving its treasury and fee wallets. The breach led to the unauthorized movement of a significant amount of SOL, triggering market concern and a sharp decline in the project’s native token price.
Treasury Wallet Compromise Under Investigation
According to onchain activity, roughly 261,854 SOL was unstaked and transferred from wallets associated with Step Finance. Based on prevailing market prices near $110 per SOL, the value of the funds moved is estimated at around $29 million. The platform stated that the incident occurred within a short timeframe and that an internal investigation is ongoing, with external cybersecurity specialists also being consulted.
Unclear Impact on User Funds
At this stage, Step Finance has not disclosed how the wallets were accessed or whether the breach stemmed from a smart contract flaw or compromised private keys. Importantly, the team has not confirmed whether any user-held assets were affected, leaving questions about the full scope of the incident unanswered.
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STEP Token Price Reacts Sharply
Market reaction was swift. The STEP token, used for governance and staking incentives, dropped more than 60% within 24 hours of the disclosure. The protocol’s economic model includes validator revenue buybacks distributed to long-term stakers, making treasury security a critical factor for token holders.
The incident adds to a growing list of security challenges faced by Solana-based projects over the past year. While overall network activity and total value locked have rebounded, large-scale breaches continue to highlight ongoing risks in decentralized finance infrastructure.
Disclaimer
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