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Step Finance, a decentralized finance (DeFi) portfolio tracking platform built on the Solana blockchain, has confirmed that several of its treasury wallets were compromised in a recent security breach that remains under active investigation. The incident has raised serious concerns across the Solana and broader crypto ecosystem, particularly after onchain data revealed the scale of funds involved.
According to blockchain security firm CertiK, approximately 261,854 SOL were unstaked and transferred during the breach. At current market prices, the amount is valued at roughly $27 million, making it one of the more significant treasury-related incidents on Solana in recent months. The movement of funds was publicly tracked via onchain data, fueling speculation and uncertainty among investors and users.
Step Finance disclosed the breach through an official post on X, stating that some of its treasury wallets had been affected and that the team is working with external cybersecurity firms to investigate the root cause. At this stage, the platform has not provided details on how the attacker gained access or whether any user funds were impacted. The lack of clarity has contributed to heightened market volatility around the project.
Following the disclosure, the governance token STEP experienced a dramatic sell-off. Data from SoSoValue shows that STEP’s price dropped more than 80% within 24 hours, reflecting shaken investor confidence. Step Finance operates a Solana validator node and has historically used validator rewards to fund STEP token buybacks, making the treasury breach particularly sensitive for the project’s long-term token economics.
Founded in 2021, Step Finance is known as a comprehensive DeFi portfolio tracker that aggregates yield farming positions, liquidity provider tokens, and DeFi assets across nearly all Solana protocols into a single dashboard. Beyond its core product, Step Finance also operates SolanaFloor, a Solana-focused crypto media outlet, and organizes the Solana Crossroads conference. In late 2024, the company expanded further by acquiring Moose Capital, now rebranded as Remora Markets, with plans to introduce tokenized equity trading on Solana.
As the investigation continues, the incident underscores the ongoing security risks facing DeFi platforms, even those deeply embedded in the Solana ecosystem.
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