Executive Summary
Solana-based DeFi portfolio tracker Step Finance suffered a major hack, with 261.854 SOL (~$27.2M at current prices) drained from treasury wallets via a known attack vector. STEP token plunged 93.3% to $0.001578. No user funds confirmed impacted; remediation underway. SOL trades at $105.22, down 9.11% amid broader downtrend.
Expanded Incident Details
Solana-based decentralized finance portfolio tracker Step Finance announced that its treasury wallets were hacked using a known attack vector by a sophisticated actor. According to onchain data reviewed by CertiK, approximately 261.854 SOL (worth $27.2 million, based on the current SOL price of $105.22) was unstaked and transferred from wallets controlled by Step Finance. The platform’s native governance token STEP fell to $0.001578, losing 93.3% of its value in the last 24 hours according to CoinGecko data.
Step Finance announced via its X account that it has taken remediation steps against the attack that occurred during Asia-Pacific hours but did not confirm the total loss amount. The attacker’s access method—smart contract flaw, key theft, or internal access issue—was not specified. It has not been clarified whether user funds outside of protocol assets were affected. Onchain analyses show that the unstake transactions were fast and traceable, potentially indicating that the exploit originated from a known Solana staking vector.
Breaking News Analysis
No additional related breaking news available as of 2026-02-01 08:29 UTC. The incident remains isolated to Step Finance, with CertiK’s verification providing primary credibility. Community speculation on X points to possible private key compromise, but official updates pending. Broader Solana ecosystem watches closely post-FTX fallout patterns.
Technical Deep Dive
SOL’s technicals reflect post-hack pressure: Price $105.22, 24h -9.11%, RSI 28.05 (oversold), downtrend confirmed by Supertrend (Bearish), EMA20 $124.0771.
| Level | Price | Score | Distance | Sources |
|---|---|---|---|---|
| S1 (Strong) | $96.4000 | 74/100 | -8.56% | Fibo 0.000, Prev Day Low, Donchian Lower |
| S2 (Strong) | $104.1167 | 63/100 | -1.25% | S1, BB Lower, Pivot |
| R1 (Strong) | $108.9373 | 67/100 | +3.33% | Fibo 0.114, R3, R1 |
| R2 (Moderate) | $138.0906 | 56/100 | +30.98% | Fibo 0.382, Keltner Upper, LVN 5 |
Expert insight: RSI oversold signals potential bounce, but Bearish Supertrend warns of further downside unless R1 holds.
Related Coins Impact
N/A related coins specified. Minimal spillover observed; Solana DeFi tokens like JUP, RAY down <5%, indicating isolated treasury event rather than systemic exploit.
Market Context & Implications
SOL’s 9.11% drop aligns with treasury drain (~0.25% of circulating supply). DeFi hacks erode trust; Step’s portfolio tracker role amplifies scrutiny on Solana’s high-speed but vulnerability-prone VM. Implications: Heightened audits, potential insurance claims via Nexus Mutual.
Future Outlook & Key Levels to Watch
- Bullish: Break R1 $108.94 → EMA20 retest $124.
- Bearish: S2 breach $104.12 → S1 $96.40.
- Watch STEP recovery; Step Finance post-mortem critical for Solana sentiment.
Conclusion & Key Takeaways
- 261K SOL lost; STEP obliterated 93%.
- Remediation active, user funds likely safe.
- SOL oversold—watch supports for entry.
- DeFi lesson: Treasury multisig + audits essential.
Source: https://en.coinotag.com/step-finance-hack-27m-sol-stolen-step-crashes-93
