The decentralized finance portfolio tracker Step Finance has suffered a security breach compromising its treasury wallets. Onchain data shows roughly $27.2 million in Solana (SOL) was transferred out by an attacker. The incident triggered a more than 90% crash in the project’s native STEP token, which is central to its governance.
Step Finance disclosed a security breach that compromised several of its treasury wallets. The platform stated the attack was *“facilitated through a well known attack vector”* and that remediation steps were taken.
Onchain data reviewed by blockchain security firm CertiK shows approximately 261,854 SOL was unstaked and transferred. This amount was valued at around $27.2 million at the time of the incident.
The team has not confirmed the total losses or how the attacker gained access. It remains unclear whether user funds were affected beyond the protocol-owned treasury assets.
Market reaction was severe, with the STEP token plummeting over 93%. Data from CoinGecko shows the token trading at $0.001578 following the news.
Founded in 2021, Step Finance operates as a portfolio dashboard for Solana DeFi. The project also runs a media outlet and organizes an annual Solana conference.
Security executives note most crypto projects struggle to recover after a major hack. Immunefi CEO Mitchell Amador said unprepared teams often hesitate, allowing losses to deepen and confidence to erode.
Kerberus CEO Alex Katz notes that major exploits typically trigger user exits and long-term credibility loss. Reputational damage is often permanent even after technical issues are resolved.
