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After being affected by a major security incident at the beginning of the year, the “Step Finance” platform, a decentralized aggregation platform based on the Solana network, and its related projects “SolanaFloor” and “Remora Markets” announced the immediate suspension of all operations.
In a statement posted on the website
The attack resulted in the theft of an estimated $30 million in assets from Step Finance wallets on the Solana network.
Subsequent investigations revealed that the hack was caused by a compromised device belonging to a member of executive management, making it likely that private keys were compromised or that the device was infected with malware that compromised internal transaction approval mechanisms.
After gaining access, the attackers de-collateralized approximately 261,854 SOL tokens and moved them from wallets under the project’s control through malicious online transactions approved as a result of the hack.
This caused an immediate market reaction, with the price of the STEP token plummeting by more than 80%.
After the vulnerability was discovered, the platform suspended some components to limit losses and later announced the recovery of approximately $4.7 million in assets and other assets related to the “Remora” project.
As part of the closure process, “Step Finance” is preparing a plan to buy back “STEP” based on the previous event snapshot, while “Remora Markets” is preparing to launch a recovery mechanism for “rToken” holders.
The development comes amid a wider wave of security incidents in the digital currency space.
According to cybersecurity firm PeckShield, losses from fraud and hacking attacks will exceed approximately $4.04 billion in 2025, an increase of approximately 34% from 2024.
Among them, the losses caused by technical violations amounted to US$2.67 billion, and the losses caused by fraud reached US$1.37 billion, with an annual growth rate of approximately 64%.
PeckShield noted that the shift from purely technical attacks to targeted social engineering methods, often targeting centralized entities and high-value individuals, has led to an increase in average losses per incident.
More than 200 hacking incidents (excluding fraud incidents) were recorded during the year.
February was the costliest month due to a massive $1.51 billion hack against the Bybit platform, reflecting the escalation of operational and security risks in the digital asset environment.
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