Chainlink Addresses Concerns as Users Spot Subtle Alterations to Multisig
Decentralized oracle network Chainlink (LINK) has responded to criticism regarding a recent alteration to the number of signers required on its multisig wallet.
The change, which reduced the required number of signatures from 4-of-9 to 4-of-8, sparked backlash from critics on social media platforms.
The 4-of-8 multisig requirement is a security measure that necessitates four out of eight signatures to authorize a transaction.
In a recent post on X (formerly Twitter), crypto researcher Chris Blec highlighted an original post from an anonymous user that revealed the removal of a wallet address from Chainlink's multisig wallet without official communication from the company.
"This multisig can change *any* Chainlink price feed to provide *any* price that it wants it to provide," Blec wrote. "Completely centralized under this multisig."
However, a spokesperson for Chainlink has reportedly claimed that the modification was part of a routine signer rotation process. They said:
"The multisignature Gnosis Safes used to ensure the reliable operation of Chainlink services were updated as part of a periodic signer rotation process. The rotation of signers was completed, with the Safes maintaining their regular threshold configuration."
Blec has been a prominent critic of Chainlink, expressing concerns about the potential centralized risk associated with the project.
He previously stated that if Chainlink's signers were to "go rogue," it could potentially disrupt the entire decentralized finance (DeFi) ecosystem.
Blec also highlighted the reliance of various DeFi projects, such as Aave and MakerDAO, on Chainlink's oracles for accurate price data.
Chainlink is a decentralized oracle network that facilitates secure communication between
Read more on cryptonews.com
