Step Finance, a DeFi portfolio tracker on Solana, suffered a security breach, compromising treasury wallets and prompting a sharp sell-off in its native token. Approximately 261,854 SOL (worth $27.2 million) was unstaked and transferred. The total losses are unconfirmed, and it’s unclear if user funds were affected.

Following the breach, Step Finance’s governance token, STEP, plummeted over 90%, trading at $0.001578. The platform offers a unified dashboard for tracking DeFi positions on Solana and acquired Moose Capital for tokenized equity trading. Despite efforts to recover, many hacked crypto projects struggle due to trust issues post-attack.

Web3 security executives warn that 80% of hacked crypto projects never fully recover, citing poor crisis response and trust collapse as key factors. Immunefi CEO notes slow decision-making and weak communication post-breach, leading to deeper losses and erosion of user confidence. Major exploits often trigger user exits and long-term credibility loss.

Read more at Cointelegraph: Step Finance Treasury Breach Sparks $27M SOL Loss, STEP Plunges