The cryptocurrency market took a heavy hit on Jan. 31, with Bitcoin (BTC) tumbling below $80,000.
At press time, King Crypto fell by 7% in 24 hours to trade at $77,934.46. This is the lowest it has dropped to since April 2025, when a selloff happened right after U.S. President Donald Trump’s “Liberation Day” tariffs.
The wider market mirrored Bitcoin’s slump. The total cryptocurrency market capitalization dropped more than 7.9% in the same period to $2.7 trillion.
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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 longs and $105.19 million in shorts.
As if the market chaos was not enough, Step Finance, a decentralized finance (DeFi) dashboard, reported that several of its treasury and fee wallets had been compromised.
The platform calls itself the “front page of Solana.”
In a post on X, the team said:
“Earlier today several of our treasury wallets were compromised by a sophisticated actor during APAC hours. Immediate remediation steps have been taken, and we are working closely with top security professionals. We have notified the relevant authorities.”
On-chain data indicates roughly 261,854 Solana (SOL), worth about $26 million at current prices, were unstaked 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 yet to confirm the root cause of the compromise or whether user funds were impacted beyond its treasury.
Founded in 2021, Step Finance aggregates liquidity pool (LP) tokens, yield farms and positions from about 95% of Solana-based protocols into one dashboard.
It also runs the Solana-focused news outlet SolanaFloor and organizes the annual Solana Crossroads.
In December 2024, the platform acquired early-stage startup Moose Capital, now rebranded Remora Markets, to bring tokenized stock trading of major firms like Nvidia and Tesla to the Solana network.
In a Nov. 5 announcement, Step Group said it had shut down its main Step Finance dashboard to focus instead on its media outlet SolanaFloor and trading platform Remora.
The platform once boasted 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.
