Step Finance, a major Solana DeFi platform, reported that multiple treasury and fee wallets were compromised by a sophisticated attacker during Asia-Pacific trading hours, resulting in the theft of approximately 261,854 SOL tokens worth roughly $30 million. The breach sent shockwaves through the Solana ecosystem as blockchain security firm CertiK flagged that the stolen SOL has been withdrawn after stake authorization had been transferred to an unknown wallet address. The incident triggered immediate market panic, with the platform’s native STEP token plummeting over 90% within 24 hours. The attacker “immediately began converting the stolen assets into Monero through multiple instant exchanges,” obscuring the trail across multiple blockchain networks.
Step Finance said it is contacting cybersecurity firms to assist. The breach extended beyond Step Finance’s own operations, impacting connected platforms including Remora Markets. The protocol disclosed that as “majority LP, Step Finance experienced a hack of treasury wallets earlier today” with some affected assets including Remora rStocks. Remora users that despite the incident, “Remora assets remain held 1:1 in our brokerage account” while constructing a process for handling redemptions.
The market’s swift verdict on Step Finance came through brutal price action, with the STEP token losing most of its value as traders fled amid uncertainty about the platform’s future viability and the legitimacy of the breach. The Step Finance hack marks the latest in what security firms describe as a devastating month for cryptocurrency security. Notably, the Step Finance breach continues a troubling pattern affecting Solana-based protocols. The team emphasized it had notified the relevant authorities and implemented immediate remediation steps while working with top security professionals around the clock.
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