Step Finance Treasury Hit by $27M Security Breach

Step Finance, a decentralized portfolio tracker built on the Solana blockchain, has confirmed a major security breach. Hackers gained access to several of the project’s treasury wallets. This allowed a large amount of Solana (SOL) tokens to be moved out.

The incident has raised worries about the project’s security systems and whether the team can regain user trust.

Step Finance Suffers Major Treasury Wallet Hack

The breach occurred during Asia-Pacific trading hours and involved a sophisticated attack using a known method. Step Finance confirmed that multiple treasury wallets under its control were accessed without authorization. 

Blockchain data from security firm CertiK shows that about 261,854 Solana tokens were unstaked. The tokens were then transferred from wallets linked to Step Finance. At current prices, this amount is worth roughly $27.2 million. 

The team stated that it acted quickly to contain the situation and put corrective measures in place. However, Step Finance has not explained how the attacker gained access. It is still unclear whether the breach was caused by compromised private keys, an internal access issue, or a technical flaw.

Also, the project has not confirmed the total size of the losses. It also has not said whether any user funds were affected beyond the protocol’s own assets. 

Experts Say Crypto Projects Struggle After Major Hacks

Security experts noted that most crypto projects that suffer major hacks struggle to recover fully. The main reason is often not the direct financial loss, but weak crisis management and a breakdown in user trust. 

Many teams are unprepared for serious security incidents. This often leads to slow decisions and poor communication during the most critical period.

This lack of readiness can worsen losses and accelerate user exits. Even when the technical problem is fixed, the damage to reputation can last for years. Major exploits often result in falling liquidity, reduced activity, and long-term credibility issues. 

STEP Token Crashes Over 90% After Security Breach

Founded in 2021, Step Finance positions itself as the front page of the Solana network. It gives users one dashboard to track their decentralized finance (DeFi) activity. 

The company also runs SolanaFloor, a media platform focused on the Solana ecosystem, and hosts the annual Solana Crossroads conference. In late 2024, Step Finance expanded its scope by acquiring Moose Capital, later rebranded as Remora Markets. 

The goal of this move was to support tokenized equity trading on Solana. Step Finance’s native token, STEP plays a key role in governance and incentives across the ecosystem.

The crypto market reacted almost immediately to the news. After the news broke, the price of STEP, lost more than 90% of its value in a single day. 

At the time of reporting, STEP was trading at just over one-tenth of a cent, representing a drop of more than 93% within 24 hours. The sharp decline reflects investor fear and uncertainty around the project’s future.