stepfinance

Step Finance, a DeFi platform within the Solana ecosystem that brands itself as the “Home of Solana”, has disclosed a major security incident involving several of its treasury and fee-collection wallets. The breach is currently under investigation, according to an official statement released by the project team.
Nearly 262,000 SOL Unstaked and Transferred
On-chain data indicates that approximately 261,854 SOL were unstaked and moved shortly before the incident was publicly disclosed. With Solana (SOL) trading around $110, the total value of assets involved is estimated at approximately $29 million, based on assessments from blockchain security firm CertiK.
In a statement posted on X, Step Finance confirmed the breach:
“A security incident involving some of our treasury wallets occurred a few hours ago and we are actively investigating. More details will be shared as soon as possible.”
The team also called on blockchain security firms and investigators to assist with tracing the incident and identifying the root cause.
Root Cause Still Unknown
At the time of writing, Step Finance has not disclosed the underlying cause of the breach. It remains unclear whether the incident stemmed from:
a smart contract vulnerability,
compromised private keys,
access control failures,
or another attack vector.
Crucially, the project has not yet confirmed whether any user funds were affected, stating only that the known incident involves protocol-owned wallets.
STEP Token Collapses Amid Market Reaction
Following news of the security breach, STEP, the platform’s native token used for governance and staking rewards, experienced a sharp sell-off.
STEP is currently trading near $0.004
The token has fallen more than 80% within 24 hours
Step Finance operates a Solana validator node and has previously stated that 100% of validator revenue (after operational costs) is used to buy back STEP tokens, which are then distributed to xSTEP stakers. The recent incident has raised concerns about the sustainability of this mechanism in the short term.
Background: A Key Infrastructure Project on Solana
Launched in 2021, Step Finance is widely known as a portfolio visualization and analytics platform, aggregating:
LP tokens
yield farming positions
staking assets
and other DeFi exposures
across roughly 95% of protocols in the Solana ecosystem, all within a single dashboard.
Beyond its core product, Step Finance:
operates SolanaFloor, a Solana-focused news outlet
organizes the annual Solana Crossroads conference in Istanbul
In December 2024, the project acquired early-stage startup Moose Capital, later rebranded as Remora Markets, with the goal of enabling tokenized trading of major equities such as Nvidia and Tesla on Solana.
Part of a Broader Pattern of Solana-Related Security Incidents
The Step Finance breach adds to a growing list of security incidents affecting projects connected to the Solana ecosystem:
April 2025: Lending protocol Loopscale lost $5.8 million just two weeks after launch
August 2025: Decentralized credit platform CrediX suffered $4.5 million in losses after attackers gained control of a governance wallet
November 2025: South Korean exchange Upbit experienced a $37 million hack involving multiple Solana-based assets
According to Chainalysis’ year-end 2025 report, total digital asset theft exceeded $3.41 billion during the year. While DeFi-related losses remain below previous cycle peaks, security risks continue to be a major concern as total value locked (TVL) across the crypto market shows signs of recovery.
Disclaimer
This article is for informational purposes only and reflects a personal blog perspective. It does not constitute investment advice. Readers should conduct their own research before making any financial decisions. The author assumes no responsibility for any investment outcomes.
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Last night, that big bearish candle came down, and $BTC directly broke through the 80,000 mark. Is this what they call a 'bullish return'? Don't joke. The most ironic thing in this market waterfall isn't the macro situation of US-Iran tensions, nor is it Kevin Warsh's old stories about the Federal Reserve, but the old brand Step Finance in the Solana ecosystem actually 'ran naked' at such a critical moment.

The Solana ecosystem DeFi platform Step Finance was hacked.
Let's get to the point: Step Finance was hacked for over 26 million dollars (some data suggests it was 30 million), which is like pouring industrial salt on a wound in an already fragile market sentiment. This is not some complex smart contract logic flaw; looking at the on-chain data, the treasury wallet and the fee wallet were directly compromised. The hacker swaggered away with 260,000 $SOL unstaked and then transferred it. What does this mean? It means this is not some high-IQ crime; it is a typical case of poor private key management or inadequate internal security.