On January 31, 2026, the cryptocurrency market experienced a significant downturn, with Bitcoin dropping below $80,000 and the total market capitalization falling over 7.9% to $2.7 trillion. Nearly $2.51 billion in crypto positions were liquidated within 24 hours amid broad market chaos, driven by a cascade of losses and trader panic. Concurrently, Solana's DeFi platform, Step Finance, reported a major security breach where several treasury and fee wallets were compromised during APAC hours. On-chain data indicates that approximately 261,854 SOL, worth around $26 million, was unstaked and transferred during the attack. The platform confirmed the breach and stated that immediate remediation steps had been taken, working with top security professionals and notifying authorities, but has not yet disclosed whether user funds were affected. Step Finance, founded in 2021, aggregates liquidity tokens, yield farms, and DeFi positions across Solana protocols and also operates SolanaFloor, a media outlet, and a trading platform Remora Markets. The platform announced it had shut down its main dashboard in November 2024 to focus on media and tokenized stock trading, facing difficulties due to declining DeFi activity on Solana. The incident follows a broader market decline and highlights ongoing security vulnerabilities within DeFi platforms, especially during market downturns.