Step Finance's $29 Million Treasury Wallet Breached, Investigations Underway

Step Finance is probing a $29 million treasury wallet breach that caused a drastic drop in its STEP token's value by over 60%.

Step Finance, a decentralized finance (DeFi) platform built on the Solana blockchain, is currently facing a significant security breach involving its treasury wallet, which has been compromised to the tune of $29 million. Following the incident, the value of Step Finance's native token, STEP, has plunged by more than 60%, raising alarms within the community.

In response to the breach, Step Finance has engaged multiple security firms to conduct a thorough investigation. The protocol is taking these measures to understand the extent of the attack and to bolster its security protocols moving forward.