Step Finance Reports $40 Million Hack, Advises Against STEP Token Use

Step Finance has issued a statement confirming a significant security incident, reporting approximately $40 million in stolen funds from its treasury. The breach occurred due to the compromise of an executive's device.

Upon detecting the vulnerability, the company initiated an investigation in collaboration with cybersecurity researchers and relevant authorities, also notifying law enforcement agencies. As a precautionary measure, certain operational activities have been temporarily suspended.

Step Finance has confirmed the recovery of approximately $3.7 million in Remora assets and an additional $1 million in other holdings. As the largest liquidity provider for Remora Markets, Step Finance stated that LP activities will resume once the system is fully secured. Remora Markets is reportedly unrelated to the incident, and all rTokens remain fully collateralized by 1:1 in custody.

In light of the ongoing investigation, Step Finance strongly advises against the use of the STEP token until the completion of the investigation. The company plans to take a system snapshot prior to the exploit to ensure the security of STEP token holders.

Further updates will be provided as the investigation progresses.

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