Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
FollowingWyoming issues cross-chain bridge safety standards, but LayerZero failed to meet
The Wyoming Stable Token Commission announced that it has relocated its FRNT stablecoins to Chainlink CCIP as the only cross-chain infrastructure. The move stems from the agency's security review of LayerZero Labs, which found a series of issues described as "repetitive operational failures."
Comprehensive evaluation and specific findings
The review, led by the committee's chief information security officer, is not limited to technology migration, but also aims to clarify the security standards Wyoming expects to meet for any service provider providing cross-chain infrastructure for government-backed assets. The agency said that after conducting a comprehensive review of the cross-chain market, it conducted a comprehensive evaluation of LayerZero, Chainlink CCIP and other alternatives from six dimensions.
The review results pointed out specific issues for LayerZero. The committee noted that the review found concerns about access controls, private key management and incident disclosure. Specifically, LayerZero Labs failed to transfer authorization for the production environment to the committee and failed to maintain appropriate control over critical private keys associated with real-time FRNT deployments. In addition, the committee criticized the protocol's model of leaving security configurations to individual developers, arguing that this could lead to deployments relying on a single verifier or a small set of verifiers, posing security risks.
As of now, LayerZero Labs has not responded to the above survey results.
Advantages of final rulings and alternatives
The committee concluded that LayerZero no longer meets the infrastructure security standards needed to support government-backed digital assets. As Wyoming works to improve security standards for government-backed digital assets, FRNT will be completely divorced from the LayerZero network.
In contrast, Chainlink CCIP passed the same rigorous test. The committee pointed out that it is the only technology solution that meets its organization-level security requirements, citing reasons such as its decentralized network of independent node operators, rate-limiting mechanisms, external audits, and issuers 'direct control over token contracts. The agency added that Chainlink's oracle infrastructure remained operational despite significant market fluctuations and cloud service outages.
Industry Impact
FRNT is the first government-issued dollar-backed stablecoin the United States and currently runs on eight blockchain networks. This case provides a public and proven model for other issuers and governments to demonstrate how regulators should conduct strict due diligence and security reviews before entrusting public funds to cross-chain suppliers.
