Step Finance Reports $28.7 Million Loss After Solana Wallet Breach

Global: Step Finance Reports $28.7 Million Loss After Solana Wallet Breach

A Solana-based decentralized finance portfolio tracker experienced a significant security breach, resulting in the loss of 261,854 SOL, valued at approximately $28.7 million at current market rates. The theft involved unauthorized access to the platform’s treasury and fee wallets.

Background on Step Finance

Step Finance is a portfolio management tool that aggregates on‑chain data for users of the Solana ecosystem. It allows investors to monitor holdings across multiple protocols and execute trades from a single interface. The service has positioned itself as a bridge between retail participants and the rapidly expanding DeFi landscape on Solana.

Details of the Breach

According to a statement posted on the company’s official Twitter account, the attacker exploited a “well known attack vector,” though the precise method was not disclosed. The breach enabled the thief to transfer the full amount of SOL from both the treasury and fee wallets to an external address. No additional assets were reported as compromised.

Response and Investigation

Step Finance indicated that it has engaged cybersecurity firms and notified law‑enforcement agencies to investigate the incident. The company’s statement emphasized ongoing collaboration with external experts to trace the stolen funds and to implement additional safeguards.

Potential Impact on Users

While the stolen SOL originated from internal wallets rather than individual user accounts, the incident raises concerns about the security of custodial solutions within DeFi platforms. Users may face temporary service disruptions as the team conducts a forensic review and updates its security protocols.

Industry Reaction

Observers in the blockchain community have noted that the incident underscores the importance of rigorous smart‑contract audits and multi‑signature controls for treasury management. No official comment has been received from the Solana Foundation or other ecosystem partners at this time.

Next Steps

Step Finance plans to release a detailed post‑mortem once the investigation concludes. In the meantime, the platform advises users to remain vigilant, monitor official communication channels, and refrain from interacting with any suspicious addresses linked to the theft.

This report is based on information from Web3 Is Going Great, licensed under Creative Commons Attribution 3.0 (CC BY 3.0). Analysis provided by Web3 Is Going Great.