DeFi Hacks and AI Fears Fuel Ethereum Capital Flight
Anthropic's Mythos AI announcement has heightened cybersecurity concerns for Ethereum, but April's $606M DeFi hacks— including $292M Kelp DAO on Ethereum and $285M Drift on Solana—stem from social engineering and misconfigurations. DeFi TVL plunged from $94B to $85B by April 21, with $13B erased in 48 hours around the Kelp exploit, heavily impacting Ethereum's $45.8B TVL. Analysts warn persistent security gaps could drive further outflows and downside pressure on Ethereum price amid elevated volatility.