BitGo Shifts $7.3B WBTC to Chainlink CCIP
BitGo has announced it will shift $7.3 billion in Wrapped Bitcoin (WBTC) to Chainlink's Cross-Chain Interoperability Protocol (CCIP), replacing its previous integration with LayerZero.
The decision is part of a broader trend in the industry, with multiple organizations migrating away from LayerZero following a $292 million security breach earlier this year. The exploit highlighted vulnerabilities in cross-chain bridge architectures and permission frameworks, prompting many to adopt Chainlink for their multi-network token operations.
BitGo's move is significant, as it represents the largest tokenized Bitcoin product on the market. By utilizing Chainlink CCIP, BitGo will maintain direct control over its smart contract governance, allowing it to configure transfer rate limits and modify operational parameters without ceding control to third-party bridge operators.