PANews reported on April 23 that, according to The Block , a recent report from JPMorgan states that recent DeFi security incidents, including the Kelp DAO attack, and the prolonged stagnation of Ethereum's TVL (Transaction Value Limit) continue to limit institutional interest in DeFi . The report points out that in the recent cross-chain bridge attack related to Kelp DAO , hackers minted approximately 292 million rsETH out of thin air, which was used as collateral for borrowing 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 bridge security remains a weak point. In these risk events, funds tend to withdraw from DeFi and move towards Tether USDT , which offers deeper liquidity and more direct redemption paths, forming a "safe haven" mode, but this advantage has not yet been clearly reflected in USDT's market capitalization growth. JPMorgan concludes that persistent security vulnerabilities and stagnant TVL are jointly suppressing the institutional appeal of DeFi .