BitGo Abandons LayerZero for Chainlink as WBTC Migration Wave Grows

Crypto infrastructure firm BitGo is shifting its wrapped bitcoin (WBTC) cross-chain provider from LayerZero to Chainlink, following a wave of migrations triggered by this year's $292 million Kelp DAO exploit. This move pushes the total value covered by announced LayerZero-to-Chainlink migrations to nearly $15 billion.

The migration was prompted by increased scrutiny of LayerZero bridge configurations after the Kelp DAO exploit. Various projects, including Mantle, Lombard, and Kraken, have also announced moves to Chainlink's CCIP (Cross-Chain Interoperability Protocol) since then.

WBTC is a tokenized representation of Bitcoin designed for use in decentralized finance applications on other blockchains. With a market capitalization of about $7.4 billion, adding it to the $7.24 billion covered by earlier migration announcements brings the total funds moving their cross-chain infrastructure to CCIP to roughly $14.6 billion.