The cryptocurrency market had a strong impact on January 31st with Bitcoin (BTC) drops below $80,000.

At press time, King Crypto Down 7% in 24 hours to trade at $77,934.46. This is the lowest it has fallen since April 2025, when there was an immediate sell-off following US President Donald Trump’s “Deliverance Day” tariffs.

The broader market mirrored Bitcoin’s decline. The total cryptocurrency market capitalization fell more than 7.9% in the same period to $2.7 trillion.

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Merchants he rushed out 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 billion in shorts.

As if the market chaos wasn’t enough, Step Finance, a decentralized finance (DeFi) board, reported that several of its treasury and fee portfolios had been compromised.

The platform is called “Solana Cover”.

In a publish to X, team said:

“Early today, several of our treasury portfolios were compromised by a sophisticated actor during APAC hours. Immediate remedial action has been taken and we are working closely with top security professionals. We have notified the relevant authorities.”

Chain data indicates that approximately 261,854 Solana (SOL), worth about $26 million at current prices, were withdrawn and moved during the breach.

Solana (SOL) fell 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 affected beyond their treasury.

Founded in 2021, Step Finance aggregates the Liquidity Pool (LP) chips, Performance farms and positions of approximately 95% of Solana-based protocols on a board.

She also runs the Solana-focused news outlet SolanaFloor and organizes the annual Solana Crossroads.

In December 2024, the platform acquired startup Moose Capital, now rebranded as Remora Markets, to bring tokenized stock trading of major companies such as Nvidia and Tesla to the Solana network.

In a November 5 announcement, Step Group said it had shut down its main Step Finance dashboard to focus 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.