Solv Protocol to migrate $700 million assets to Chainlink

Kiswahili

Solv Protocol is shifting more than $700 million in tokenized Bitcoin from LayerZero to Chainlink's CCIP. The move follows Kelp DAO's similar decision after a major exploit.

Solv Protocol has announced it will move its SolvBTC and xSolvBTC assets, worth over $700 million, to Chainlink’s Cross-Chain Interoperability Protocol. Support for LayerZero bridges will be deprecated on Corn, Berachain, Rootstock and TAC. The change follows an updated security review and recent cross-chain hacks across the sector.

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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.

Kelp blames LayerZero for approving $292 million hack setup

Kelp DAO has accused LayerZero personnel of approving the 1-of-1 verifier setup blamed for a $292 million exploit on its rsETH bridge. The protocol plans to migrate from LayerZero's OFT standard to Chainlink's CCIP. The hack has been linked to North Korea's Lazarus Group.

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The Depository Trust & Clearing Corporation will use Chainlink technology to power its blockchain-based Collateral AppChain platform. The integration supports 24/7 automated collateral management and is set for a Q4 2026 launch. It builds on prior collaboration between the two firms.

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Thorchain confirmed a suspected multichain exploit on May 15 that drained about $10 million from users across several networks. The protocol activated emergency halts and has now launched a recovery portal for affected wallets.

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