Step Finance treasury breach leads to $27M in losses, STEP crashes 90%

Step Finance, a prominent decentralized finance (DeFi) aggregator operating on the Solana blockchain, announced late Tuesday that its operational treasury had suffered a catastrophic security breach, leading to losses estimated at $27 million in various digital assets. The exploit did not appear to target individual user funds directly but compromised the large treasury reserves intended for project development and liquidity provision. The team confirmed that the breach involved unauthorized access to the designated multisig wallet or a vulnerability within the treasury management smart contract. The financial impact was immediately followed by a massive loss of investor confidence. The native governance and utility token, STEP, reacted violently to the news, plummeting over 90% in price across major decentralized and centralized exchanges within a few hours. This security failure represents one of the most significant single-incident treasury losses recorded on the Solana ecosystem to date. The Step Finance team has initiated a full forensic investigation with external security experts, has temporarily paused certain operational functions, and is currently working with law enforcement and exchanges in an attempt to trace and freeze the stolen funds, although recovery prospects remain uncertain.

Source: Step Finance treasury breach leads to $27M in losses, STEP crashes 90%