Step Finance treasury breach leads to $27M in losses, STEP crashes 90%

Solana DeFi Platform Hit by Major Treasury Breach

Step Finance, a prominent decentralized finance (DeFi) platform built on Solana, recently reported a significant security incident. Their treasury wallets were compromised, resulting in substantial financial losses and a dramatic impact on their native token.

Over $27 Million in SOL Transferred

Reports indicate that a sophisticated attack led to the unauthorized movement of considerable assets. On-chain analysis by blockchain security firm CertiK revealed that approximately 261,854 Solana (SOL) tokens, valued at around $27.2 million, were unstaked and transferred from Step Finance’s control.

STEP Token Plummets After Breach

The immediate aftermath of the breach saw a sharp decline in the value of the platform’s native token. Following the disclosure, the STEP token price experienced a drop of over 90%, reflecting investor concerns about the security incident.

Attack Vector Identified

Step Finance acknowledged the incident, stating it occurred during APAC hours and was carried out by a “sophisticated actor.” The platform indicated that the attack leveraged a “well-known attack vector.” They confirmed that remediation efforts are underway to address the breach and enhance security measures.