Step Finance, a portfolio management platform on Solana, has suffered a significant security breach resulting in the theft of approximately $30 million worth of SOL from its treasury wallets. The project announced the incident hours ago, stating that a security breach occurred in "some of our Treasure Wallets" and that they are currently investigating the matter.
The official statement from Step Finance reads: "A security breach occurred in some of our Treasure Wallets a few hours ago. We are currently investigating the matter. More information will be shared at a later stage. We are contacting cybersecurity firms. Firms that can help can contact us via DM."
The immediate market reaction has been severe for the project's native token, STEP. Following the announcement, the token's price experienced a dramatic collapse, falling approximately 73.98% to $0.006050 within hours. The token's market capitalization has consequently plummeted to around $1.33 million, with selling pressure accelerating sharply as news of the breach spread.
Step Finance, which describes itself as "Solana's homepage," operates as a portfolio management and transaction aggregation platform within the Solana ecosystem. It provides users with a single interface to visualize and analyze transactions across different Solana contracts. The STEP token is listed on major exchange Kraken.
The team has indicated they are reaching out to cybersecurity firms for assistance in the investigation and recovery process, though specific details about the attack vector and potential recovery of funds remain undisclosed at this early stage.
