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<![CDATA[<figure class="image"><img src="https://cimg.co/news/125486/331388/adobestock-faishalabdula-.jpeg" srcset="https://cimg.co/news/125486/331388/responsive-images/adobestock-faishalabdula-___media_library_original_1800_1200.jpeg 1800w, https://cimg.co/news/125486/331388/responsive-images/adobestock-faishalabdula-___media_library_original_1200_800.jpeg 1200w, https://cimg.co/news/125486/331388/responsive-images/adobestock-faishalabdula-___media_library_original_900_600.jpeg 900w, https://cimg.co/news/125486/331388/responsive-images/adobestock-faishalabdula-___media_library_original_720_480.jpeg 720w, https://cimg.co/news/125486/331388/responsive-images/adobestock-faishalabdula-___media_library_original_600_400.jpeg 600w, https://cimg.co/news/125486/331388/responsive-images/adobestock-faishalabdula-___media_library_original_300_200.jpeg 300w" width="1800" class="content-img" alt=""><figcaption>Source: AdobeStock / faishalabdula</figcaption></figure>Decentralized oracle network&nbsp;<a href="https://cryptonews.com/coins/chainlink/">Chainlink (LINK)</a>&nbsp;has responded to criticism regarding a recent alteration to the number of signers required on its multisig wallet.&nbsp;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."<figure class="media"><oembed url="https://twitter.com/ChrisBlec/status/1706001824153481284?s=20"></oembed></figure>However, a spokesperson for Chainlink has reportedly claimed that the modification was part of a routine signer rotation process. They said:<blockquote>"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."</blockquote><h2 id="blec-remains-a-major-critic-of-chainlink">Blec Remains a Major Critic of Chainlink</h2>Blec has been a prominent critic of Chainlink, expressing concerns about the potential centralized risk associated with the project.&nbsp;He previously stated that if Chainlink's signers were to "go rogue," it could potentially disrupt the entire decentralized finance (DeFi) ecosystem.&nbsp;Blec also highlighted the reliance of various DeFi projects, such as Aave and MakerDAO, on Chainlink's oracles for accurate price data.<figure class="media"><oembed url="https://twitter.com/ChrisBlec/status/1623044271094767626?s=20"></oembed></figure>Chainlink is a decentralized oracle network that facilitates secure communication between Ethereum-based smart contracts and real-world data and services beyond the confined realm of blockchain networks.Meanwhile, Chainlink's native token, LINK, has exhibited strong performance in recent weeks amid an inflow of positive news.&nbsp;Back in June, Chainlink and the US Depository Trust and Clearing Corporation (DTCC) announced that they are collaborating on a SWIFT blockchain interoperability project.SWIFT, a dominant global interbank messaging system, aims to&nbsp;<a href="https://cryptonews.com/news/bank-messaging-firm-swift-leans-toward-blockchain-integration-over-unifying-tokenization-after-experiments-heres-latest.htm">collaborate with Chainlink to accelerate the adoption of asset tokenization</a>.Furthermore, Chainlink&rsquo;s Cross-Chain Interoperability Protocol reached an important milestone with regards to its institutional adoption last week.&nbsp;As reported,&nbsp;<a href="https://cryptonews.com/news/anz-leverages-chainlinks-protocol-complete-tokenized-assets-transaction-using-native-stablecoin.htm">Australasian bank ANZ used the protocol</a>&nbsp;to complete a cross-chain purchase of an ANZ issued Australian dollar pegged stablecoin.In a tweet, Chainlink said this &ldquo;further showcases how financial institutions can utilize CCIP to facilitate cross-chain transactions across public and private blockchains."Nevertheless, LINK is currently trading at $7.24, almost flat over the past day. However, the token has gained 10.9% over the past week, and more 21% over the past 14 days.&nbsp;
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Chainlink Addresses Concerns as Users Spot Subtle Alterations to Multisig

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