Step Finance, a popular Solana analytics platform, disclosed a significant breach in its treasury, resulting in the loss of 261,854 SOL from wallets associated with the service.
The incident triggered a sharp market response, leading to a drop in prices as the team scrambled to mitigate the impact.
Approximately 261,854 SOL were withdrawn from the platform on January 31, 2026, amounting to around $27 million to $30 million at the time.
Security Breach Impacts Step Finance Treasury
Immediate investigations were launched. Security experts and external firms are collaborating to track the funds, with some transactions being traceable from compromised wallets to addresses converting SOL.
#CertiKInsight 🚨
A security breach has occurred in @StepFinance_ treasury wallets.https://t.co/Zi3tMKaTqE
261,854 SOL (~$28.9M) was withdrawn after stake authorization was transferred tohttps://t.co/o51kREYPHW
Stay Alert! pic.twitter.com/GrxpyzI2Uv
— CertiK Alert (@CertiKAlert) January 31, 2026
The method of access remains unclear. It is uncertain whether private keys were compromised, a staking protocol was exploited, or an internal process failed. Investigation into the technical details is ongoing.
Image: CMIT Solutions
On-Chain Evidence And Market Impact
The market responded drastically, with the platform’s governance token plummeting over 80% within minutes, causing panic selling and thinning price books.
Multiple large unstake transactions and swaps were observed in a short timeframe based on on-chain tracking data.
Part of the transferred SOL was sent to exchanges, while other portions were divided among various wallets, a pattern often associated with attempts to cash out discreetly.
Earlier today, several of our treasury wallets were compromised by a sophisticated actor during APAC hours. This was an attack executed through a well-known vector.
Immediate actions have been taken, and we are collaborating with top security experts.…
— Step☀️ (@StepFinance_) January 31, 2026
Community Concerns And Response Strategy
Step Finance implemented emergency measures to protect remaining funds, including restricting access to specific treasury functions and reviewing multisig controls.
Accounts under direct protocol control were frozen where feasible. The company pledged cooperation with authorities and sharing insights with the Solana community.
Regular updates were provided through public channels, withholding technical specifics to avoid alerting the attacker.
Recovery Efforts And Unknowns
Several security firms are conducting forensic analysis on the transactions. On-chain evidence will play a critical role in asset recovery endeavors.
Reports suggest that while tracing is underway, recovering the funds presents another challenge. Legal and regulatory avenues may be explored if identifiable intermediaries or exchanges were involved in transferring the stolen assets.
The potential impact on user funds beyond the treasury remains a significant concern, with the company addressing this issue directly.
Featured image from Unsplash, chart from TradingView
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