BroadChain News, April 24, 00:00, April 23, JPMorgan analysts pointed out that frequent security incidents in the DeFi space, coupled with stagnant growth in total value locked (TVL) denominated in ETH, continue to suppress institutional allocation willingness. The report mentioned that a recent cross-chain bridge attack related to Kelp DAO caused DeFi TVL to evaporate by approximately $20 billion within a few days.
The attacker minted approximately $292 million in unbacked rsETH and borrowed real ETH against it on Aave, resulting in about $230 million in bad debt. Following the incident, users have tended to seek refuge in Tether's USDT.