JPMorgan Report: KelpDAO Hack May Dampen Wall Street Interest in Blockchain

BlockBeats News, April 22nd, according to Bloomberg, a weekend cyberattack targeting small-scale crypto projects involving nearly $300 million and the subsequent largest decentralized lending platform run on $100 billion (KelpDAO and Aave turbulence) may dampen Wall Street's interest in blockchain technology.

Andrew Moss, an analyst from JPMorgan's Digital Asset Research team, pointed out that over the past year, banks, asset management firms, and payment institutions have been developing blockchain products similar to the technology exploited by North Korean hackers in this incident. The report suggests that while such events are unlikely to directly impact the traditional financial markets, traditional financial institutions may pause related processes due to this, reevaluate risks before further advancing blockchain initiatives.