Wall Street investment bank Jefferies analysis points out that the Kelp DAO attack on April 18, which resulted in approximately $293 million in damage, exposed critical infrastructure risks and may prompt traditional financial institutions to reassess the pace of blockchain and tokenization development. Jefferies believes that the attackers triggered a market sell-off and liquidity shortage by minting uncollateralized tokens and engaging in cross-platform lending. The incident is believed to be potentially linked to Lazarus Group and also highlights the single point of failure in the verification mechanisms of cross-chain bridges. As institutions accelerate the tokenization of assets (such as funds, bonds, and deposits), related risks may cause some banks and asset management institutions to postpone deployment and prioritize system security. Especially in scenarios relying on cross-chain infrastructure, security vulnerabilities could lead to market fragmentation, weakening the actual utility of tokenized assets. Despite the short-term setback in confidence, Jefferies emphasizes that the long-term trend remains unchanged. With regulatory progress and continuous infrastructure improvement, stablecoins and other application scenarios still have growth potential, but the industry as a whole is still in its early stages of development and needs time to improve system robustness. (CoinDesk)