Microsoft updated something in backend which affects external images referred in SharePoint JSON formatting.

When you refer external images in JSON formatting, **src** in img element is changed to **data-untrusted-src** automatically, like: 

[![enter image description here][1]][1]

You can fix this issue by adding external site domain from which you are using images in **HTML Field Security** settings - [Allow or restrict the ability to embed content on SharePoint pages](https://support.microsoft.com/en-us/office/allow-or-restrict-the-ability-to-embed-content-on-sharepoint-pages-e7baf83f-09d0-4bd1-9058-4aa483ee137b)

I just tested this and it worked for me: 

[![enter image description here][2]][2]
 

**Similar thread**: [Hyperlink/Picture Column suddenly breaks external images in Gallery/Card Designer](https://techcommunity.microsoft.com/t5/sharepoint-developer/hyperlink-picture-column-suddenly-breaks-external-images-in/m-p/3819467/highlight/false#M12515)


  [1]: https://i.sstatic.net/qRoAj.png
  [2]: https://i.sstatic.net/BEXYB.png