Illustration of Kraken switching wrapped Bitcoin to Chainlink after KelpDAO exploit
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Kraken moves wrapped bitcoin to chainlink after kelp dao exploit

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Kraken announced it is switching its wrapped Bitcoin token kBTC to Chainlink's Cross-Chain Interoperability Protocol. The move follows the KelpDAO exploit that resulted in a $292 million loss and heightened concerns over bridge security in DeFi. The exchange will make CCIP the exclusive cross-chain infrastructure for kBTC and future wrapped assets.

Kraken is deprecating its prior cross-chain provider and routing kBTC through Chainlink CCIP. The 1:1 Bitcoin-backed token allows BTC to operate on networks including Ethereum, Unichain, OP Mainnet, and Ink, with reserves held at Kraken Financial, a Wyoming-chartered depository institution.

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