Solana DeFi platform step finance hit by $27 million treasury hack as token price craters

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Solana DeFi platform step finance hit by $27 million treasury hack as token price craters

The platform's governance token (STEP) plummeted over 80% following the announcement amid a wider crypto market drawdown.

By Francisco Rodrigues, AI Boost|Edited by Aoyon Ashraf

Jan 31, 2026, 6:22 p.m.

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What to know:

• Step Finance reported a security breach involving 261,854 SOL (approximately $27 million) in its treasury wallets, which is currently under investigation.
• The DeFi portfolio tracker platform disclosed the incident on X, seeking assistance from cybersecurity firms while not specifying how the breach occurred.
• The platform's governance token (STEP) plummeted over 80% following the announcement amid a wider crypto market drawdown.

Step Finance, a decentralized finance (DeFi) portfolio tracker built on Solana, said some of its treasury wallets were compromised in a security breach under active investigation.

Onchain data shared by blockchain security firm CertiK shows that 261,854 SOL, worth roughly $27 million at current prices, was unstaked and transferred during the incident.

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The platform disclosed the breach in a post on X and asked cybersecurity firms to assist with the investigation. It did not specify how the attacker gained access or whether user funds were affected.

The platform's governance token, STEP, dropped over 80% in the last 24 hours, according to SoSoValue data. Step also operates a validator node on Solana and uses validator earnings to fund STEP token buybacks.

Founded in 2021, Step Finance aggregates yield farms, LP tokens and DeFi positions across nearly all Solana protocols into a single dashboard.

It also runs SolanaFloor, a Solana-focused media outlet, and organizes the Solana Crossroads conference. In late 2024, it acquired Moose Capital (now Remora Markets) and plans to offer tokenized equity trading on Solana.

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