Report: Frequent DeFi hacks and stagnant TVL dampen institutional interest

CoinFeed reported on April 23 that, according to The Block, a recent JPMorgan report states that recent DeFi security incidents, including the Kelp DAO attack, and the prolonged stagnation of Ethereum's TVL (Total Value Limit) continue to limit institutional interest in DeFi. The report points out that in the Kelp DAO-related cross-chain bridge attack, hackers minted approximately 292 million rsETH out of thin air, using it as collateral to borrow real ETH on Aave, resulting in approximately $230 million in bad debt and triggering outflows from pools unrelated to the attacked assets, exposing the vulnerability of DeFi's highly interconnected nature. The analysis suggests that the scale of crypto hacks and attacks this year is similar to that of 2025, and bridging security remains a weak point.