Step Finance Faces $27 Million Hack, Token Price Crashes 80%
By John Nada·Jan 31, 2026·2 min read
Step Finance experienced a $27 million treasury hack, causing its STEP token to crash over 80%. The breach raises concerns about security in the DeFi space.
Step Finance, a decentralized finance platform on Solana, suffered a significant security breach that compromised its treasury wallets. According to CoinDesk, the breach resulted in the unstaking and transfer of 261,854 SOL, valued at about $27 million, during the incident. This news sent the platform's governance token, STEP, plummeting over 80% amid a broader market downturn.
The incident is currently under investigation, with Step Finance reaching out to cybersecurity firms for assistance. However, the platform hasn't revealed how the attacker gained access or if user funds were impacted. Step Finance, founded in 2021, aggregates various DeFi positions and yield farms on Solana into a single dashboard, making this breach particularly concerning for its users.
The fallout from this hack could have lasting implications on user trust and the overall market sentiment towards DeFi platforms, especially those on Solana. With the token's drastic decline, investors might reassess their positions and strategies within the ecosystem. The rapid loss in value raises questions about the security measures in place at DeFi projects.
In sum, this incident highlights the vulnerabilities present in the rapidly evolving DeFi landscape, underscoring the importance of robust security protocols as platforms like Step Finance continue to develop and expand their offerings.