Solana’s Step Finance Hacked for $27M, Token Price Plummets
Step Finance, a decentralized finance (DeFi) portfolio tracker on the Solana blockchain, recently disclosed a significant security breach. The incident involves the compromise of several treasury wallets and is currently under investigation.
Details of the Breach
According to data from blockchain security firm CertiK, the breach resulted in the unstaking and transfer of 261,854 SOL, valued at approximately $27 million. The platform shared this information through a post on X, stating that they are seeking assistance from cybersecurity experts.
Impact on STEP Token
In the wake of the breach, Step Finance’s governance token, STEP, experienced a sharp decline. It dropped over 80% within a 24-hour period, highlighting how severe the situation has affected investor sentiment. This dramatic decrease reflects the uncertainties surrounding the platform’s security and the safety of user funds.
Step Finance Overview
- Founded: 2021
- Purpose: Aggregates yield farms, LP tokens, and DeFi positions on Solana
- Additional Ventures:
- Operates a validator node on Solana
- Involved in SolanaFloor, a media outlet focused on Solana
- Organizes the Solana Crossroads conference
Future Plans
In late 2024, Step Finance acquired Moose Capital, now known as Remora Markets. This acquisition is part of their strategy to expand services, including offering tokenized equity trading on the Solana blockchain.
