Wall Street investment banks: After the $290 million KelpDAO hack, the pace of TradFi tokenization may be forced to slow down

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Jefferies analyst Andrew Moss warned that the chain reaction triggered by the $293 million Kelp DAO hack could temporarily slow down the tokenization efforts of traditional financial institutions, as the security risks of cross-chain infrastructure are facing a comprehensive reassessment. Rarely calling out DeFi security vulnerabilities, analyst Andrew Moss pointed out in his latest report that the impact of the $293 million Kelp DAO hack on April 18 has extended far beyond the DeFi circle, serving as a warning that traditional financial institutions accelerating their deployment of tokenized assets cannot afford to ignore. Wall Street veteran investment bank Jefferies noted that the attacker targeted the single-validator architecture of the Kelp DAO cross-chain bridge. After identifying a structural vulnerability, the attacker minted a large amount of uncollateralized tokens out of thin air and used them to borrow real assets on lending platforms, leaving the on-chain ecosystem with almost no time to react. The most direct victim was Aave, which accumulated over $200 million in bad debt as a result, while the overall DeFi TVL evaporated by nearly $9 billion in a single day following the incident. On-chain detectives and several security firms have compared the attacker's on-chain footprint with the habitual patterns of the North Korean hacker group Lazarus Group, and investigations are ongoing. Moss observed in the report that traditional finance tokenization projects are spreading at an unprecedented speed, stating, "As institutional investment accelerates, TradFi tokenization initiatives are blossoming everywhere." However, the core issue revealed by the Kelp DAO incident is the cross-chain infrastructure upon which these tokenization projects are highly dependent. The security assumptions of this infrastructure are still built on single-point trust. He warned that the "chain reaction" of this incident could "temporarily slow the pace of TradFi adoption as security risks need to be reassessed." For banks and asset managers looking to bring assets such as treasury bonds, fund shares, and real estate on-chain, cross-chain bridges are almost unavoidable infrastructure, and the systemic risks posed by single-validator architectures have been thoroughly scrutinized by this attack. Moss did not turn bearish on the long-term prospects of digital assets. He pointed out that the continuous improvement of the regulatory environment, coupled with the gradual upgrading of infrastructure, continues to support institutional long-term interest in this sector; the penetration of stablecoins in cross-border payments also continues to expand and has not shown any significant retreat due to this incident. However, his conclusion carries a hint of sober conservatism: "This emerging digital asset industry still needs time to mature." The subtext behind this statement is that the large-scale entry of institutional capital requires not only a regulatory framework but also a technical foundation capable of self-protection under extreme scenarios; and single-validator cross-chain bridges are clearly not that answer.

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Published:2026-04-22 01:39:54

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