Gate News message, April 21 — A weekend hack that drained nearly $300 million from a small crypto project and triggered a $10 billion run on the largest decentralized lending platform may slow Wall Street’s growing interest in blockchain technology, according to a report from Jefferies LLC released Tuesday.
Banks, asset managers, and payments companies have spent the past year building products on technology systems reportedly exploited by North Korean hackers in the attack. While Jefferies said the damage is unlikely to spill into conventional markets, the firm warned that traditional finance companies are likely to pause and reassess risks before expanding further into the space.
The digital assets research team at Jefferies noted that the incident highlights security vulnerabilities in blockchain systems that financial institutions are increasingly adopting for their operations.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
North Korea terror attack verdict holder seizes $71 million of Kelp DAO ETH: Arbitrum’s “centralized intervention” turned into a legal handle
On May 1, the U.S. District Court for the Southern District of New York issued a restraining order prohibiting the disposition of 30,766 ETH (about $71 million) prior to the bifurcated hearing, to be used for DeFi United’s compensation program. The ETH source was the April KelpDAO cross-chain bridge hack; after it was frozen by the Arbitrum Security Committee, it was incorporated into DAO governance. The compensation was funded through fundraising such as Aave. The plaintiff claims the hacker is linked to North Korea’s Lazarus Group, and the court ordered that the matter be decided again at the bifurcated hearing.
ChainNewsAbmedia1h ago
Brazil's Central Bank Blocks Crypto in Cross-Border Payments, Sets May 31 2027 Deadline
According to Banco Central do Brasil (BCB), on April 30 the central bank published Resolution BCB No. 561, barring virtual assets from settlement in the country's regulated eFX framework for cross-border digital payments. The rule requires eFX providers to use traditional foreign exchange operations
GateNews4h ago
The United States will guide ships through the Strait of Hormuz, and the $80,000 Bitcoin level remains an important watch point
Tensions in the Middle East remain high. The United States says it will guide ships not involved in the conflict to pass through the Strait of Hormuz, and negotiations with Iran have been described as “very positive.” OPEC+ increases production by 188k barrels without including the UAE, and the oil market fluctuates amid diplomatic and supply changes. Bitcoin is edging toward 80k but still struggles to break through due to options structure effects; ETH is also rising in tandem. Demand for AI chips is strong, with Palantir and AMD’s earnings reports in focus. The market is watching AI investment growth and the outlook for technology stocks.
ChainNewsAbmedia7h ago
Nobitex Founded by Sons of Elite Iranian Family Tied to Supreme Leaders, Reuters Finds
According to a Reuters investigation published Friday, Nobitex, Iran's dominant crypto exchange, was founded by brothers Ali and Mohammad Kharrazi, members of an elite political family tied by marriage to all three of Iran's supreme leaders. The brothers registered the company in 2018 alongside CEO
GateNews7h ago
Dennis Porter: U.S. Views Bitcoin as National Security Tool
Dennis Porter, founder of Satoshi Action, explained that the U.S. government and military are shifting their perspective on Bitcoin from a purely financial investment to a critical component of national defense. According to Porter, Bitcoin is increasingly being considered a "national security
CryptoFrontier10h ago
Bitcoin Breaks Past $80,000 on Late Sunday, Up 2.6% in 24 Hours
According to The Block, Bitcoin rose above $80,000 late Sunday (May 4), gaining 2.6% over the past 24 hours to $80,150 as of 11:40 p.m. ET. Ether climbed 3.6% to $2,382, while XRP added 2% to $1.41. Nick Ruck, director of LVRG Research, noted that "Bitcoin's surge past $80,000 breaks through a resis
GateNews10h ago
