TechFlow News, April 23: According to The Block, JPMorgan analysts stated that frequent DeFi security incidents and stagnating growth in total value locked (TVL) denominated in ETH continue to constrain institutional interest in DeFi. The report noted that a recent cross-chain bridge attack linked to Kelp DAO caused approximately $2 billion in DeFi TVL to evaporate within several days. Attackers minted roughly $292 million in uncollateralized rsETH and used it to borrow real ETH on Aave, resulting in approximately $230 million in bad debt. JPMorgan also observed that, following security incidents, users tend to shift toward Tether’s USDT as a safe-haven asset.
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