Step Finance Reports $40M Crypto Theft Due to Compromised Devices

Step Finance Suffers Major Breach 🚨

Step Finance has announced a staggering loss of $40 million in digital assets following a breach that compromised the devices of its executive team. The incident was detected on January 31, prompting immediate action from cybersecurity researchers who assisted in recovering some of the stolen assets.

Details of the Incident

The breach involved several treasury wallets, which were accessed through a well-known attack vector. In their initial statement, Step Finance revealed, “Earlier today, several of our treasury wallets were compromised by a sophisticated actor during APAC hours.”

According to blockchain analytics firm CertiK, the stolen amount was initially reported as 261,854 SOL, valued at approximately $28.9 million. However, further investigation by Step Finance confirmed the total losses to be around $40 million. So far, about $3.7 million in Remora assets and $1 million in other positions have been recovered, thanks to the protections offered by Token22 and partner coordination.

User Advisory ⚠️

In light of the incident, users are strongly advised not to engage with the STEP token until the investigation concludes. A snapshot of the pre-exploit state will be taken, as a solution for STEP holders is currently being processed. Step Finance has not disclosed details about the attack or the perpetrators, which has led to suspicions of a potential “rug pull” or “insider job.”

Broader Context

This significant loss represents only about a tenth of the total funds lost to crypto-theft attacks in January, which amounted to $398 million. In 2025 alone, there were 147 confirmed hacks resulting in losses nearing $2.87 billion, with 2022 holding the record for the most significant losses at $3.71 billion from 179 successful attacks.

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