Step Finance, a decentralized finance analytics and portfolio tracking platform built on Solana, has confirmed a major security breach involving its treasury wallets. The incident resulted in the unauthorized movement of more than $27 million worth of SOL, causing a sharp market reaction and a collapse in the project’s native token, STEP.
In a public statement, the team said several treasury wallets were compromised during Asia-Pacific trading hours through what it described as a “well-known attack vector.” Immediate remediation measures were taken, though technical details about the breach have not yet been disclosed.
Step Finance, wrote in a post on X;
Onchain Transfers Reveal Scale of the Breach
Blockchain data shows that approximately 261,854 SOL was unstaked and transferred from wallets associated with the project. While the full extent of the losses has not been officially confirmed, the affected funds appear to be protocol-owned assets. Step Finance has not indicated whether user funds were impacted, and the method of access—whether through compromised private keys or internal controls—remains unclear.
The market response was severe. STEP, which plays a key role in governance and incentives within the ecosystem, plunged more than 90% within 24 hours. The token’s sharp decline reflects broader concerns about security, transparency, and recovery prospects following treasury breaches.
Security experts note that most crypto projects struggle to recover after large-scale hacks, not only due to financial damage but also because of lasting trust erosion. How Step Finance communicates and manages the aftermath may prove critical to its future viability.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.