Step Finance Suffers $27M Breach, STEP Token Plummets 90%
By John Nada·Feb 1, 2026·2 min read
Step Finance faces a massive security breach, losing approximately $27 million and witnessing its STEP token plummet over 90%. Recovery from this incident remains uncertain.
Step Finance has revealed a significant security breach that resulted in the compromise of multiple treasury wallets, leading to a drastic sell-off of its native token. According to the platform, the breach occurred during APAC hours and was executed by a sophisticated actor using a well-known attack vector. In a post on X, Step Finance stated it has taken "remediation" steps.
On-chain data analyzed by blockchain security firm CertiK indicated that approximately 261,854 Solana (SOL) was unstaked and transferred from Step Finance-controlled wallets, with a reported worth of around $27.2 million. However, Step Finance has yet to confirm the full extent of the losses, and details on how the attacker gained access remain unclear. There's also uncertainty about whether user funds were affected or if only protocol-owned assets were compromised.
The fallout was immediate. The STEP token saw a staggering drop of over 90% in value, according to data from CoinGecko. At the time of the report, the token was trading at $0.001578, down by 93.3% within a single day. Founded in 2021, Step Finance serves as a portfolio tracker for decentralized finance on Solana, providing users with a dashboard to monitor yield farms, LP tokens, and DeFi positions across various protocols. The company also operates SolanaFloor, a media outlet focused on Solana, and organizes the annual Solana Crossroads conference.
Further complicating the situation, nearly 80% of crypto projects that experience a major hack fail to recover fully, not solely due to the initial financial loss but often due to inadequate crisis response and a loss of trust. Mitchell Amador, CEO of Immunefi, noted that many teams are unprepared for such incidents, leading to slow decision-making and poor communication during critical moments post-breach. This often results in deepening losses and further erosion of user confidence.
Even when technical issues are resolved, the reputational damage can be lasting. Alex Katz, CEO of Kerberus, pointed out that major exploits typically lead to user exits, liquidity drains, and a long-term loss of credibility. As Step Finance navigates this challenging moment, its ability to restore trust will be vital for its future.
In conclusion, the breach at Step Finance underscores the ongoing vulnerabilities within the DeFi space. The need for robust security measures and effective crisis management cannot be overstated. Failure to learn from such incidents could jeopardize not only the platform’s future but also the broader trust in decentralized finance.