BitGo is moving its $7.4 billion Wrapped Bitcoin token from LayerZero to Chainlink's CCIP, making CCIP its exclusive cross-chain standard for future BitGo-issued assets. The switch follows a $292 million exploit on the LayerZero-linked KelpDAO bridge and pushes the total value pledged to move from LayerZero to Chainlink to nearly $15 billion.
BitGo is moving $7.4 billion worth of Wrapped Bitcoin from LayerZero to Chainlink's cross-chain CCIP standard, making it BitGo's exclusive interoperability protocol for every future BitGo-issued asset. The switch joins a wider shift away from LayerZero that began after a $292 million exploit hit the KelpDAO bridge earlier this year.
With WBTC included, the total value pledged to move from LayerZero to Chainlink reaches nearly $15 billion, a Chainlink representative told The Block. WBTC was previously the largest asset built on LayerZero's OFT standard. Its migration is the biggest single addition to an exodus that had totaled about $7.2 billion as of July.
Chainlink's security pitch
BitGo CEO Mike Belshe said in a statement: "BitGo has long been built around a simple principle: security comes first." He added that Chainlink CCIP gives BitGo a proven, institutionally adopted interoperability standard that matches the controls, reliability and risk management its clients expect.
Chainlink says each CCIP bridge runs on at least 16 independent, security-reviewed node operators, while LayerZero let clients set their own verifier count through a "Decentralized Verifier Network" model. The KelpDAO rsETH bridge ran on a single verifier controlled by LayerZero Labs; attackers compromised the infrastructure feeding it and forged a message that drained $292 million.
LayerZero tightens its setup
LayerZero has since revised its configuration options after analysts found that 47% of its OApp contracts were running a 1-of-1 verifier setup, according to Dune Analytics data. Other tokens have already made the jump to Chainlink, including Kraken's kBTC and Solv Protocol's SolvBTC and xSolvBTC.
WBTC's long run
WBTC still holds about 45% of the market capitalization of all wrapped bitcoins. Coinbase's cbBTC trails at about a $6 billion market cap, while every other rival sits below half a billion. WBTC launched in 2019 and once accounted for the entire wrapped-bitcoin market. It once held more than $15 billion in circulation, though its value has slid since September 2025 alongside bitcoin's own price.
BitGo's 2024 custody arrangement with Justin Sun-linked BiT Global drew criticism. Coinbase delisted WBTC citing listing standards soon after and launched its own cbBTC. BitGo retains full ownership and control of the WBTC token contracts.
Source: The Block
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