Step Finance just experienced a major security breach that resulted in losses of about $27,000,000 from their treasury wallets, causing STEP token to crash nearly 90%. This hack is big news for Solana's DeFi scene, since Step Finance is a well-known portfolio tracker in the ecosystem.
For Solana, the incident highlights two main points:
- First, even prominent DeFi platforms are still exposed to smart contract vulnerabilities and treasury management risks. This shakes user confidence, at least short-term, and may slow adoption for new projects until security standards visibly improve.
- Second