Solana DeFi platform step finance hit by $27 million treasury hack as token price craters
Analysis
Price Impact
HighA $27 million treasury hack on a prominent solana defi platform like step finance, while not directly impacting sol's core protocol, can negatively affect investor confidence in the broader solana ecosystem's security and defi robustness. this could lead to a minor capital outflow or slower inflow into solana-based projects.
Trustworthiness
HighThe news is reported by coindesk, a reputable crypto news source, with on-chain data confirmed by blockchain security firm certik, indicating high accuracy.
Price Direction
BearishWhile the immediate impact is on the step token (which plummeted over 80%), significant hacks on major defi platforms within an ecosystem can cause a general dip in investor sentiment for the underlying blockchain, leading to short-term bearish pressure on sol as trust is questioned.
Time Effect
ShortThe initial shock and negative sentiment might lead to a short-term price dip or stagnation for sol. however, solana's resilience and wider ecosystem development are likely to help it recover, provided no further major security incidents occur. the long-term effect depends on how the step finance team resolves the issue and if similar incidents are prevented.
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Article Content:
Finance Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Solana DeFi platform step finance hit by $27 million treasury hack as token price craters The platform's governance token (STEP) plummeted over 80% following the announcement amid a wider crypto market drawdown. By Francisco Rodrigues , AI Boost | Edited by Aoyon Ashraf Jan 31, 2026, 6:22 p.m. Make us preferred on Google What to know : Step Finance reported a security breach involving 261,854 SOL (approximately $27 million) in its treasury wallets, which is currently under investigation. The DeFi portfolio tracker platform disclosed the incident on X, seeking assistance from cybersecurity firms while not specifying how the breach occurred. The platform's governance token (STEP) plummeted over 80% following the announcement amid a wider crypto market drawdown. Step Finance, a decentralized finance (DeFi) portfolio tracker built on Solana, said some of its treasury wallets were compromised in a security breach under active investigation. Onchain data shared by blockchain security firm CertiK shows that 261,854 SOL, worth roughly $27 million at current prices, was unstaked and transferred during the incident. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy . The platform disclosed the breach in a post on X and asked cybersecurity firms to assist with the investigation. It did not specify how the attacker gained access or whether user funds were affected. The platform's governance token, STEP, dropped over 80% in the last 24 hours, according to SoSoValue data. Step also operates a validator node on Solana and uses validator earnings to fund STEP token buybacks. Founded in 2021, Step Finance aggregates yield farms, LP tokens and DeFi positions across nearly all Solana protocols into a single dashboard. It also runs SolanaFloor, a Solana-focused media outlet, and organizes the Solana Crossroads conference. In late 2024, it acquired Moose Capital (now Remora Markets) and plans to offer tokenized equity trading on Solana. Solana News Step Finance Security AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards . For more information, see CoinDesk's full AI Policy .