Lombard Finance Moves $1B Bitcoin Assets from LayerZero to Chainlink
Lombard Finance is shifting its $1 billion in Bitcoin assets from LayerZero to Chainlink after a major exploit. The move comes following the Kelp DAO hack, which resulted in a $292 million loss.
Lombard Finance, a prominent Bitcoin DeFi protocol, is migrating its $1 billion in Bitcoin assets from LayerZero to Chainlink. This decision follows the recent Kelp DAO exploit, which led to a significant loss of $292 million.
The shift involves moving all of Lombard Finance's Bitcoin assets to Chainlink's Cross-Chain Interoperability Protocol (CCIP). This transition is expected to enhance security and reliability for the protocol's users.
For everyday users, this move means potentially better security for their Bitcoin assets on the Lombard Finance platform. The transition to Chainlink's more established infrastructure could reduce the risk of similar exploits in the future.
Users of Lombard Finance should watch for announcements regarding the completion of this transition. The protocol is expected to provide updates on the migration process and any potential downtime or changes in service. Read more → https://decrypt.co/368100/lombard-finance-dumps-layerzero-chainlink-1-billion-bitcoin-assets