The cryptocurrency market was hit hard on January 31, with Bitcoin (BTC) falling below $80,000.
At press time, King Crypto fell 7% in 24 hours to trade at $77,934.46. This is the lowest level reached since April 2025, when a sell-off occurred just after US President Donald Trump’s “Liberation Day” tariffs.
The broader market has mirrored the Bitcoin crisis. The total market capitalization of cryptocurrencies fell by more than 7.9% during the same period, reaching $2.7 trillion.
Related: Bybit hack was similar to WazirX incident, sources say
Traders rushed 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) dashboard, reported that several of its treasury and fee wallets had been compromised.
The platform is called the “Solana Front Page”.
In an article on X, the team said:
“Earlier today, several of our treasury portfolios were compromised by a sophisticated actor during APAC business hours. Immediate corrective action was taken and we are working closely with top security professionals. We have informed the appropriate authorities.”
On-chain data indicates that approximately 261,854 Solana (SOL), worth approximately $26 million at current prices, were not staked and moved during the breach.
Solana (SOL) plunged alongside the broader market, falling 13.5% overnight to $101.64 at press time.
Step Finance has not yet confirmed the root cause of the compromise or whether user funds were affected beyond its treasury.
Founded in 2021, Step Finance brings together 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 media outlet SolanaFloor and organizes the annual Solana Crossroads.
In December 2024, the platform acquired startup Moose Capital, now renamed Remora Markets, to bring trading of tokenized stocks from major companies like Nvidia and Tesla to the Solana network.
In a November 5 announcement, Step Group said it had closed its main Step Finance dashboard to focus instead on its SolanaFloor media and Remora trading platform.
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.
