STEP plummets 90% after Solana DeFi breach
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The incident resulted in approximately $27 million worth of Solana being moved out of the network, and the price of its native token STEP plummeted by more than 90% in a single day.
Step Finance announced through its official channels that multiple vault wallets were compromised by attackers during APAC business hours.
The platform described the attack as "perpetrated via a well-known attack vector" and added that immediate remediation was in place.
Approximately 261,854 Solana external transfers confirmed
According to on-chain data analyzed by blockchain security company CertiK,
261,854 Solana were unstaked and transferred from a wallet managed by Step Finance to an external address.
The amount in question is worth approximately $27.2 million (KRW 36.5 billion) based on the market price at the time.
Step Finance has not yet officially confirmed the total extent of its losses or the route of the breach, but said it is investigating whether there were any smart contract flaws, a possible key leak, or internal access issues.
It was also explained that it has not yet been confirmed whether user funds other than protocol assets were affected.
STEP token price plummets 93% in one day
The market reaction was immediate.
According to CoinGecko data, the STEP token fell 93.3% in one day.
As of writing, it was trading at $0.001578.
Step Finance is a Solana-based portfolio tracker founded in 2021.
We have been providing a service that allows you to track yield farming, liquidity provision tokens, and DeFi positions in a unified dashboard.
The company operates SolanaFloor, a Solana-focused media outlet, and also hosts the annual Solana Crossroads conference.
Recovery after major hacks is extremely limited.
According to the Web3 security industry, approximately 80% of cryptocurrency projects that suffer large-scale hacks fail to fully recover.
This is attributed more to failure to respond to the initial crisis and a breakdown in trust than to simple financial loss.
Immunefi CEO Mitchell Amador said:
"Most teams are unprepared for security incidents, leading to delays in decision-making for hours after a breach occurs," he noted.
Also, Kerberus CEO Alex Katz said:
“Large breaches often lead to user churn, liquidity depletion, and a long-term loss of trust,” he said.
This Step Finance incident is also expected to be a major test of the project's sustainability and trust in the Solana DeFi ecosystem.
Reporter Jeong Ha-yeon yomwork8824@blockstreet.co.kr
