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After the Step Finance hacker went quiet for 5 months, they suddenly acted—fully liquidating all 261,900 SOL they held, cashing out about $21.4 million.
On-chain sleuth Lookonchain traced that the funds were then bridged to Ethereum, converted into 12,128 ETH, and then dumped all at once into Tornado Cash to launder the proceeds.
A few details are worth paying attention to:
1) They chose to sell off SOL while it was relatively high, suggesting the timing was not amateurish;
2) The route—swapping from Solana to ETH and then going through a mixer—follows the standard playbook of seasoned hackers;
3) The longer the inactivity period, the more decisive the move once it happens—addresses like this will very likely carry out a second wave and third wave of liquidation later on.
For ordinary holders, there are two things to watch in the short term: first, the SOL spot market now has an additional sell-pressure source at the scale of several tens of millions of dollars; second, the ETH side is now burdened with a batch of mixer-originated funds that need to be absorbed. Money entering a mixer usually doesn’t immediately return to a CEX, but for exchange compliance teams, deposit screening in the coming weeks will likely be tighter.
Clearing the hacker’s balance doesn’t mean the story ends—it just marks the point where the funds start moving into a much harder-to-trace phase.
#StepFinance #Hack #TornadoCash
$SOL $ETH
On-chain sleuth Lookonchain traced that the funds were then bridged to Ethereum, converted into 12,128 ETH, and then dumped all at once into Tornado Cash to launder the proceeds.
A few details are worth paying attention to:
1) They chose to sell off SOL while it was relatively high, suggesting the timing was not amateurish;
2) The route—swapping from Solana to ETH and then going through a mixer—follows the standard playbook of seasoned hackers;
3) The longer the inactivity period, the more decisive the move once it happens—addresses like this will very likely carry out a second wave and third wave of liquidation later on.
For ordinary holders, there are two things to watch in the short term: first, the SOL spot market now has an additional sell-pressure source at the scale of several tens of millions of dollars; second, the ETH side is now burdened with a batch of mixer-originated funds that need to be absorbed. Money entering a mixer usually doesn’t immediately return to a CEX, but for exchange compliance teams, deposit screening in the coming weeks will likely be tighter.
Clearing the hacker’s balance doesn’t mean the story ends—it just marks the point where the funds start moving into a much harder-to-trace phase.
#StepFinance #Hack #TornadoCash
$SOL $ETH
ALERT 🚨 $MOVE (MOVE FINANCE) is surging as institutional order blocks accumulate, driving bullish momentum. Meanwhile $KAIA (KLAYTN) shows robust ecosystem growth with new DeFi layers, boosting liquidity and investor sentiment. $STPT (STEP FINANCE) fuels trading activity, showcasing innovation and adoption. Strong buy across the trio 🚀 #MoveFinance #Klaytn #StepFinance #CryptoBuy
📝 Maximum Clarity): Private Key Theft (Step Finance Case in $SOL
🔑 THE WEAKEST LINK: Private keys in the Solana ecosystem 🛡️❌
The hack of Step Finance is a brutal reminder that, even if the blockchain is secure, the human factor is still the biggest danger. An attack that shook the Solana network $SOL
How did it happen?: The attacker compromised the private keys of the project’s main managers. It wasn’t a SOL network failure, but an operational security mistake by the team.
The theft: Having full access to the keys, the hacker drained an estimated $27 to $40 million in Solana tokens.
The impact: The magnitude of the theft was such that it forced key parts of the protocol to be halted.
This case shows that in Web3, the security of your private keys is EVERYTHING. If they aren’t your keys, they aren’t your coins! ⛓️🔑
#Solana #SOL #StepFinance #Security #Web3Hacks
🔑 THE WEAKEST LINK: Private keys in the Solana ecosystem 🛡️❌
The hack of Step Finance is a brutal reminder that, even if the blockchain is secure, the human factor is still the biggest danger. An attack that shook the Solana network $SOL
How did it happen?: The attacker compromised the private keys of the project’s main managers. It wasn’t a SOL network failure, but an operational security mistake by the team.
The theft: Having full access to the keys, the hacker drained an estimated $27 to $40 million in Solana tokens.
The impact: The magnitude of the theft was such that it forced key parts of the protocol to be halted.
This case shows that in Web3, the security of your private keys is EVERYTHING. If they aren’t your keys, they aren’t your coins! ⛓️🔑
#Solana #SOL #StepFinance #Security #Web3Hacks
LARGEST CRYPTO HACKS IN 2026
#KelpDAO #Drift #StepFinance #Humanity #Truebit #Resolv #RheaFinance #Grinex #SwapNet #YieldBlox #Thorchain #Syscoin #IoTeX #DxSale #Saga
#KelpDAO #Drift #StepFinance #Humanity #Truebit #Resolv #RheaFinance #Grinex #SwapNet #YieldBlox #Thorchain #Syscoin #IoTeX #DxSale #Saga
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