BitGo Abandons LayerZero for Chainlink CCIP Amid Security Concerns
BitGo has announced that it will be moving its Wrapped Bitcoin (WBTC) and all future BitGo-issued assets to Chainlink's Cross-Chain Interoperability Protocol (CCIP), effective immediately. The decision comes after a recent security incident involving LayerZero, which had been used by BitGo as its cross-chain infrastructure since September 2024.
The switch is significant, with WBTC being the largest asset to leave LayerZero's infrastructure, valued at over $7.7 billion, according to BitGo. This move will also make Chainlink CCIP the exclusive cross-chain provider for WBTC and future BitGo-issued assets.
BitGo cited several reasons for the switch, including the use of a minimum of 16 independent node operators to secure every bridge lane, SOC 2 Type 2 and ISO 27001 certifications, issuer-managed rate limits, and configurable transfer controls. Additionally, BitGo will maintain full ownership of its token deployments.
Chainlink's CCIP has already secured $15 billion in value across 13 teams, with a recent quarterly review showing that CCIP volume reached $4.9 billion in the second quarter, a 353% year-over-year increase. Chainlink Labs' chief business officer, Johann Eid, stated that this move is 'another major milestone towards establishing the secure DeFi ecosystem users demand.'