The cryptocurrency market took a heavy hit on Jan. 31, with Bitcoin (BTC) tumbling beneath $80,000.
At press time, King Crypto fell by 7% in 24 hours to commerce at $77,934.46. That is the lowest it has dropped to since April 2025, when a selloff occurred proper after U.S. President Donald Trump’s “Liberation Day” tariffs.
The broader market mirrored Bitcoin’s hunch. The full cryptocurrency market capitalization dropped greater than 7.9% in the identical interval to $2.7 trillion.
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Merchants rushed to exit amid the cascade of losses.
Based on CoinGlass, almost $2.51 billion in crypto positions have been liquidated in 24 hours — together with $2.41 billion in longs and $105.19 million in shorts.
As if the market chaos was not sufficient, Step Finance, a decentralized finance (DeFi) dashboard, reported that a number of of its treasury and charge wallets had been compromised.
The platform calls itself the “entrance web page of Solana.”
In a post on X, the workforce stated:
“Earlier right this moment a number of of our treasury wallets have been compromised by a complicated actor throughout APAC hours. Speedy remediation steps have been taken, and we’re working intently with high safety professionals. We have now notified the related authorities.”
On-chain information signifies roughly 261,854 Solana (SOL), price about $26 million at present costs, have been unstaked and moved through the breach.
Solana (SOL) plunged alongside the broader market, falling 13.5% in a single day to $101.64 at press time.
Step Finance has but to substantiate the foundation reason for the compromise or whether or not consumer funds have been impacted past its treasury.
Based in 2021, Step Finance aggregates liquidity pool (LP) tokens, yield farms and positions from about 95% of Solana-based protocols into one dashboard.
It additionally runs the Solana-focused information outlet SolanaFloor and organizes the annual Solana Crossroads.
In December 2024, the platform acquired early-stage startup Moose Capital, now rebranded Remora Markets, to convey tokenized inventory buying and selling of main companies like Nvidia and Tesla to the Solana community.
In a Nov. 5 announcement, Step Group stated it had shut down its primary Step Finance dashboard to focus as an alternative on its media outlet SolanaFloor and buying and selling platform Remora.
The platform as soon as boasted round 300,000 month-to-month customers, however as decentralized finance (DeFi) exercise slowed on Solana and different networks, the corporate struggled to cowl the excessive prices of operating its advanced information infrastructure.
