Home / Business and Economy / Crypto Market Wipes Out $2.5B as Step Finance Hacked
Crypto Market Wipes Out $2.5B as Step Finance Hacked
1 Feb
Summary
- Bitcoin dropped below $80,000, its lowest point since April 2025.
- The total crypto market cap fell over 7.9%, nearing $2.7 trillion.
- Step Finance lost approximately 261,854 SOL, valued at $26 million.
The cryptocurrency market experienced a sharp decline on January 31, with Bitcoin (BTC) falling below the significant $80,000 mark. At press time, Bitcoin had dropped 7% in 24 hours to trade at $77,934.46, reaching its lowest point since April 2025. This downturn mirrored the broader market, as total cryptocurrency market capitalization decreased by over 7.9% in the same period, falling to $2.7 trillion.
Traders reacted swiftly to the cascading losses, with nearly $2.51 billion in crypto positions liquidated within 24 hours. Adding to the market turmoil, Step Finance, a decentralized finance (DeFi) dashboard focused on Solana, announced that several of its treasury and fee wallets had been compromised. On-chain data revealed that approximately 261,854 Solana (SOL), valued at about $26 million, were unstaked and moved during the breach. The platform is working with security professionals and has notified authorities.
