A significant breach at Step Finance, a decentralized finance tracker on the Solana blockchain, has resulted in the compromise of multiple treasury wallets, leading to a drastic decline in its native token's value. Approximately 261,854 Solana (SOL), amounting to around $27.2 million, was unstaked and transferred from wallets controlled by Step Finance, as reported by blockchain security firm CertiK.
The incident occurred during APAC hours and was attributed to a sophisticated attack vector, although the specifics of how the breach happened remain undisclosed. The company has stated that it is taking remediation measures but has not confirmed the full extent of the losses or whether user funds were impacted.
Market response was immediate, with the STEP token plummeting over 90% to a trading value of $0.001578. The platform, founded in 2021, provides users with a dashboard to monitor various DeFi positions and has previously expanded its services, including acquiring Moose Capital, now known as Remora Markets.