Step Finance Faces $27M Loss from Treasury Breach, STEP Drops 90%

Step Finance reports a significant breach of its treasury wallet, resulting in over $27 million lost and a staggering 90% decline in the STEP token's value.

The decentralized finance platform Step Finance, built on the Solana blockchain, has announced that it suffered a serious security incident involving its treasury wallet. As a result of this breach, more than $27 million worth of SOL tokens were transferred on-chain, leading to a dramatic plunge in the value of its STEP token, which has fallen by over 90%.

This alarming incident raises significant concerns about the security protocols in place within the DeFi sector. Investors are left grappling with the ramifications of this breach as Step Finance works to address the situation and secure its assets.