Kraken shifts $3 billion in assets to Chainlink’s CCIP following a $292 million exploit in LayerZero’s bridge infrastructure last month.
Kraken will replace LayerZero with Chainlink’s Cross-Chain Interoperability Protocol (CCIP) for bridging assets, including its wrapped bitcoin (kBTC). The move follows a $292 million exploit in LayerZero’s bridge, which affected liquid restaking protocol Kelp in April, exposing vulnerabilities in cross-chain infrastructure.
The decision impacts over $3 billion in total value locked (TVL), migrating to Chainlink’s platform. Rival exchange Coinbase previously adopted CCIP for approximately $7 billion in wrapped tokens last year. LayerZero acknowledged a configuration error in securing high-value assets during the exploit.
Kraken’s transition mirrors actions by other platforms, including Kelp, Solv, and Re, which also shifted away from LayerZero after the incident.