Step Finance treasury breach leads to $27M in losses, STEP crashes 90%
Solana-based DeFi platform Step Finance disclosed a treasury wallet breach that saw over $27 million in SOL moved onchain, sending its STEP token down more than 90%.
Step Finance, a decentralized finance portfolio tracker on Solana, has disclosed a security breach that led to the compromise of several treasury wallets, triggering a sharp sell-off in its native token.
“Earlier today several of our treasury wallets were compromised by a sophisticated actor during APAC hours. This was an attack facilitated through a well known attack vector,” the platform wrote in a post on X, adding that they have taken “remediation” steps.
Onchain data reviewed by blockchain security firm CertiK shows that roughly 261,854 Solana (SOL) (worth around $27.2 million) was unstaked and transferred from Step Finance-controlled wallets.