Step Finance Suffers $27 Million Hack, STEP Token Price Falls 80%

Step Finance, a prominent decentralized finance (DeFi) platform built on Solana, has fallen victim to a significant security breach, resulting in a staggering loss of $27 million from its treasury. This alarming incident has led to a dramatic decline in the value of its governance token, STEP, which has seen a decrease of over 80% following the news.

The hack occurred during a time of heightened volatility in the cryptocurrency market, exacerbating the situation for investors and users of the platform. As the market continues to grapple with various challenges, Step Finance's predicament raises eyebrows about security measures within the DeFi space.