PANews April 23 news, according to The Block report, JPMorgan's latest report states that recent DeFi security incidents, including Kelp DAO, and the long-term stagnation of Ethereum-priced TVL continue to limit institutional interest in DeFi. The report pointed out that during the Kelp DAO related cross-chain bridge attack, hackers minted approximately 290 million rsETH out of thin air, which was used as collateral to borrow real ETH on Aave, resulting in about 230 million USD in bad debt and triggering capital outflows from pools that were not directly related to the attacked assets, exposing the vulnerabilities of DeFi's high interconnectedness. Analysis suggests that this year's losses from crypto hackers and attacks are similar to those in 2025, with bridging security remaining a weak link. During risk events, funds tend to withdraw from DeFi and shift to Tether USDT for deeper liquidity and more direct redemption paths, forming a "hedging" mode, but this advantage has not yet been significantly reflected in USDT market cap growth. JPMorgan concludes that ongoing security vulnerabilities and stagnant TVL together suppress the institutional attractiveness of DeFi.

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