Step Finance loses $30M in SOL after major breach

Step Finance lost about 261,854 SOL ($28–$30M) in a major breach. TVL dropped to zero and $STEP fell 84%. The incident highlights urgent DeFi security concerns.

Step Finance, a leading DeFi platform on Solana, has suffered a major security breach affecting its treasury and fee wallets. On January 31, attackers managed to unstake and transfer approximately 261,854 SOL tokens—valued between $28 million and $30 million—to unknown addresses. The breach was detected via on-chain data and promptly confirmed by Step Finance, which has since initiated an investigation and engaged cybersecurity experts for assistance. In response, users were advised to revoke any smart contract permissions previously granted to Step Finance as a precaution. The incident caused Step Finance’s total value locked (TVL) to drop to zero, while the $STEP token price plunged by 84%. This breach has intensified concerns about security practices in the DeFi sector, especially regarding treasury management. It has also prompted renewed calls for stronger security protocols and oversight across the industry. The broader impact on Solana’s ecosystem and market stability remains under close observation.