Solana-based DeFi platform Step Finance disclosed a treasury wallet breach that saw over $27 million in SOL moved onchain, sending its STEP token down more than 90%. Step Finance, a decentralized finance portfolio tracker on Solana, has disclosed a security breach that led to the compromise of several treasury wallets, triggering a sharp sell-off in its native token. “Earlier today, several of our treasury wallets were compromised by a sophisticated actor during APAC hours. This was an attack facilitated through a well-known attack vector,” the platform wrote in a post on X, adding that they have taken “remediation” steps. Onchain data reviewed by blockchain security firm CertiK shows that roughly 261,854 Solana (SOL) (worth around $27.2 million) was unstaked and transferred from Step Finance-controlled wallets. Read more
Move-to-earn project Step App will wind down services by Aug. 21 after four years, while its FITFI token trades 99.9% below its all-time high. Step App, a move-to-earn platform, is shutting down after four years of operation, joining a growing number of crypto companies winding down amid an ongoing market slump. The company announced Wednesday on X that it will wind down all services by Aug. 21, asking users to unstake locked tokens and manage their exchange positions before the date. “We are incredibly proud of what Step App achieved — not just as a product, but as a movement,” Step App said. Read more