Step Finance Treasury Hacked for $27M: STEP Token Price Plummets on Solana DeFi Platform

The Solana-based decentralized finance (DeFi) platform Step Finance has suffered a major security breach, resulting in a loss of approximately $27 million from its treasury. The incident caused a sharp decline in the price of the platform's native token, STEP. According to initial reports, the exploit targeted the protocol's treasury vault. The Step Finance team has acknowledged the hack and is currently investigating the incident, urging users to avoid interacting with the platform's contracts until further notice. This event highlights the ongoing security challenges within the DeFi ecosystem, particularly on high-throughput blockchains like Solana. Market analysts are monitoring the impact on Solana's DeFi total value locked (TVL) and investor confidence.