- Step Finance, a Solana DeFi portfolio tracker, announced a security breach compromising several treasury wallets.
- Onchain data reviewed by blockchain security firm CertiK shows roughly $27.2 million in SOL was unstaked and transferred.
- The platform’s native STEP token crashed by over 90% following the disclosure.
- The team has not confirmed the total losses or how the attacker gained access.
- Security executives note nearly 80% of crypto projects fail to fully recover after a major hack.
Solana-based decentralized finance portfolio tracker Step Finance disclosed a security breach earlier today that compromised several of its treasury wallets, triggering a massive sell-off of its native token. The platform wrote in a post on X that the attack was “facilitated through a well known attack vector” during APAC hours.
Consequently, blockchain security firm CertiK reported that approximately 261,854 SOL, worth around $27.2 million, was unstaked and moved. Step Finance has not yet confirmed the full extent of the losses or whether user funds were affected beyond protocol-owned assets.
Meanwhile, market reaction was devastating for the STEP token. It plummeted by more than 90%, according to data from CoinGecko, trading at just $0.001578. This collapse underscores the severe financial impact such breaches can have on project tokens.
However, the long-term damage often extends beyond immediate financial loss. Web3 security executives state that nearly 80% of hacked crypto projects fail to fully recover, primarily due to eroded trust. Immunefi CEO Mitchell Amador said most teams are unprepared, leading to slow responses that deepen losses.
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