Step Finance – a DeFi platform within the Solana ecosystem that claims to be “the front page of Solana” – announced that several of the project's Treasury and fee wallets have been compromised and are currently under investigation, according to a statement from the project.
on-chain data shows that approximately 261,854 SOL were unstaken and transferred during the incident. With the current SOL price around $110, the total value of the transferred funds is equivalent to approximately $29 million, according to blockchain security company CertiK.
“A security breach occurred a few hours ago involving some of our Treasury wallets, and we are currently investigating… More information will be provided later,” Step Finance wrote on X. The platform also called on cybersecurity companies to assist in the investigation.
Step Finance has not yet disclosed the root cause of the breach – whether it stemmed from a smart contract vulnerability or an access control issue – nor Unconfirmed whether any user assets outside the protocol's Treasury were affected. The project also did not immediately respond to requests for comment.
Founded in 2021, Step Finance presents itself as a portfolio visualization platform that aggregates LP Token, yield farms, and positions across approximately 95% of the Solana protocols into a single dashboard. The project also operates SolanaFloor (a news channel focused on Solana) and hosts the annual Solana Crossroads conference in Istanbul. In December 2024, Step Finance acquired the early-stage startup Moose Capital (later renamed Remora Markets) with the goal of bringing tokenized trading of major stocks like Nvidia and Tesla to Solana.
The STEP Token – used for governance and Staking rewards of the protocol – is currently trading around $0.023, after falling more than 60% in the past 24 hours, according to CoinGecko data. Step Finance operates a validator node and dedicates 100% of the validator revenue (after operating costs) to buyback STEP, which is then distributed to xSTEP Stake .
This incident continues the chain of exploits and intrusions targeting projects within the Solana ecosystem. In April 2025, the Loopscale lending protocol lost $0.8 million due to an exploit just two weeks after its launch. In August 2025, the decentralized credit protocol CrediX lost $4.5 million after attackers gained control of an admin wallet. In November 2025, the Upbit exchange (South Korea) also recorded a $37 million hack involving various assets on the Solana network.
According to a December 2025 report by blockchain analytics firm Chainalysis, the total value of cryptocurrency stolen during the year exceeded $3.41 billion; losses from DeFi hacks remained relatively low, despite a recovery in the industry's total value locked (TVL).
The article "Step Finance loses $29 million as Treasury wallet hacked" first appeared on CoinMoi .
