As if the losses triggered by the drop in Bitcoin price were not enough, there are also crashes due to security breaches. Solana-based DeFi platform Step Finance announced the problem with the treasury wallet and the protocol’s altcoin lost 95 percent of its value. Since hacking cases lead to worse consequences after such market crashes, it is critical to follow the news flow closely and use stops.
Step Finance Hacked
Step Finance announced that treasury wallets were seized 261.854 SOL Coin confirmed that it was moved by attackers. Following the FTX crash, interest in DeFi increased and we saw platforms like Hyperliquid gain popularity.
However DeFi How is it not risk free? FTX If exchanges can be siphoned off by their owners in examples such as, the same is true for DeFi. The extra risk is the potential for protocols to be hacked. To date, hundreds of DeFi protocols have been hacked and we have experienced examples such as emptying liquidity pools and hijacked protocols robbing users who connected their wallets.
Step Finance wrote;
“Earlier today, during APAC hours, several of our treasury wallets were compromised by a sophisticated actor. This attack was carried out through a well-known attack vector.
Immediate remediation steps have been taken and we are working closely with top security experts. We informed the relevant authorities.
“We are working 24 hours a day and will let you know when we have more information.”
Step Coin Drop
Exactly how the attackers compromised the wallet and the total extent of the damage are unclear. What is clear is that according to CoinGecko data after yesterday’s hacking incident STEP Coin lost 95 percent of its value. Founded in 2021, Step Finance is one of the new generation DeFi initiatives. It offers users access to products and services in different Solana-based DeFi protocols from a single screen. That’s why they call themselves Solana’s front page.
Although the number of DeFi protocols is increasing day by day, the security issue is not taken very seriously. It is clear that especially multi-million dollar protocols do not care about huge costs such as security, penetration, regular code review, vulnerability scanning. That’s why you should make sure that the security checks of the protocols you operate on are complete and regular.
