Bloomberg: $300M Crypto Hack Could Cool Wall Street's Blockchain Push

Bloomberg, citing a Jefferies LLC report and relayed by ChainCatcher, said a weekend hack that siphoned nearly $300 million from smaller crypto projects—followed by a $10 billion run on the largest decentralized lending platform—could weigh on Wall Street's appetite for blockchain technology. Andrew Moss, an analyst on Jefferies' digital assets research team, wrote that banks, asset managers and payment firms have spent the past year building blockchain products resembling the system exploited by North Korean hackers. The report said spillover into traditional financial markets appears limited, but warned that financial institutions may slow work, reassess risks and review controls before pushing further into blockchain initiatives.