The cryptocurrency market suffered a severe blow on January 31, when Bitcoin (BTC) fell below $80,000.
At press time, King Crypto fell 7% in 24 hours to trade at $77,934.46. This is the lowest level it has fallen to since April 2025, when a sell-off occurred just after US President Donald Trump’s “Liberation Day” tariffs.
The market in general reflected the decline of Bitcoin. The total cryptocurrency market capitalization fell more than 7.9% in the same period to $2.7 trillion.
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Traders scrambled to exit amid the cascade of losses.
According to CoinGlass, nearly $2.51 billion in crypto positions were liquidated in 24 hours, including $2.41 billion in long positions and $105.19 million in short positions.
As if the market chaos wasn’t enough, Step Finance, a decentralized finance (DeFi) panel, reported that several of its treasury and fee portfolios had been compromised.
The platform calls itself the “Solana front page.”
In a post on X, the team said:
“Today, several of our treasury portfolios were compromised by a sophisticated actor during APAC hours. Immediate remedial action has been taken and we are working closely with top security professionals. We have notified the relevant authorities.”
On-chain data indicates that approximately 261,854 Solana (SOL), worth about $26 million at current prices, were highlighted and moved during the breach.
Solana (SOL) plunged along with the broader market, falling 13.5% overnight to $101.64 at press time.
Step Finance has yet to confirm the root cause of the compromise or whether user funds were affected beyond its treasury.
Founded in 2021, Step Finance aggregates liquidity pool (LP) tokens, yield farms, and positions from approximately 95% of Solana-based protocols into a single dashboard.
He also runs the Solana-focused news outlet SolanaFloor and organizes the annual Solana Crossroads.
In December 2024, the platform acquired startup Moose Capital, now rebranded as Remora Markets, to bring trading of tokenized stocks from major companies like Nvidia and Tesla to the Solana network.
In a Nov. 5 announcement, Step Group said it had closed its main Step Finance dashboard to focus on its media outlet SolanaFloor and trading platform Remora.
The platform once had around 300,000 monthly users, but as decentralized finance (DeFi) activity slowed on Solana and other networks, the company struggled to cover the high costs of running its complex data infrastructure.