Chainlink

<p class="is-style-lead">Chainlink, a decentralized oracle network, has come under scrutiny for altering the security measures of its multi-signature (multisig) wallet.</p> 
<p>Crypto researcher Chris Blec was one of several users on X (formerly known as Twitter) who criticized Chainlink for discreetly lowering the number of necessary signatures on its multi-signature wallet from a 4-of-9 configuration to 4-of-8.</p> 
<p>The 4-of-8 multisig configuration serves as a security protocol, requiring at least four out of eight signers to approve a transaction.</p> 
<p>In a Sep. 24 post, Blec <a href="https://twitter.com/ChrisBlec/status/1706001824153481284" target="_blank" rel="noopener noreferrer nofollow">highlighted</a> a message from a pseudonymous user revealing that a wallet address had been quietly removed from Chainlink’s multisig wallet without any formal communication from the company.</p> 
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   <p lang="en" dir="ltr">Chainlink multisig has removed a signer and is now a 4-of-8 multisig.<br><br>This multisig can change *any* Chainlink price feed to provide *any* price that it wants it to provide.<br><br>Completely centralized under this multisig. <a href="https://t.co/GOAtJXShIV" target="_blank" rel="noopener noreferrer nofollow">https://t.co/GOAtJXShIV</a></p>— Chris Blec (@ChrisBlec) <a href="https://twitter.com/ChrisBlec/status/1706001824153481284?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 24, 2023</a> 
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<p>Another anonymous user on X (formerly Twitter) added another layer to the discussion, suggesting that Chainlink’s lack of transparency could be a strategic move to sidestep potential regulatory issues with the Securities and Exchange Commission (SEC).</p> 
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   <p lang="en" dir="ltr">They never tell anybody what they're doing, to avoid clashing with Corrupt SEC punishment of other crypto.</p>— yourfriendSOMMI ❤️💛💚💙 (@yourfriendSOMMI) <a href="https://twitter.com/yourfriendSOMMI/status/1706089838636843157?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 24, 2023</a> 
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<p>As the crypto community rapidly voiced their concerns about the change, a Chainlink community ambassador <a href="https://twitter.com/ChainLinkGod/status/1706214250879033815" target="_blank" rel="noopener noreferrer nofollow">took it</a> to X to clarify that the update was a routine part of their standard signer rotation process aimed at maintaining the dependable functioning of Chainlink services.</p> 
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   <p lang="en" dir="ltr">This was a signer rotation, which occurs periodically, the multisignature safes maintained their regular threshold config after the update<a href="https://t.co/Mhjdqp6FWm" target="_blank" rel="noopener noreferrer nofollow">https://t.co/Mhjdqp6FWm</a><br><br>More context of how upgradability with Chainlink services are managed: <a href="https://t.co/s9kGst96lg" target="_blank" rel="noopener noreferrer nofollow">https://t.co/s9kGst96lg</a> <a href="https://t.co/VKgwNR9uV2" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/VKgwNR9uV2</a></p>— ChainLinkGod.eth (@ChainLinkGod) <a href="https://twitter.com/ChainLinkGod/status/1706214250879033815?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 25, 2023</a> 
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<p> You might also like: <a href="https://crypto.news/australian-bank-anz-boosts-cross-chain-operations-with-chainlink/" rel="noopener noreferrer nofollow"> Australian Bank ANZ boosts cross-chain operations with Chainlink </a> </p> 
<p>Chris Blec has been a long-standing critic of Chainlink, previously <a href="https://twitter.com/ChrisBlec/status/1623044271094767626" target="_blank" rel="noopener noreferrer nofollow">warning</a> that the entire decentralized finance (defi) ecosystem could be at risk if Chainlink’s signers were to act maliciously.</p> 
<p>Blec argues that the centralization risk in Chainlink also affects other major defi projects like Aave and MakerDAO, both of which rely on Chainlink’s oracles for accurate price data.</p> 
<p>Chainlink enables Ethereum-based smart contracts to securely interact with real-world data and services, bridging the gap between blockchain networks and the outside world.</p> 
<p>Despite the recent controversy, it’s worth noting that Chainlink’s native LINK token has performed well in the market. As per data from CoinMarketCap, the token has gained nearly <a href="https://coinmarketcap.com/currencies/chainlink/" target="_blank" rel="noopener noreferrer nofollow">20%</a> over the past month and was trading at $7.27 at press time, adding 8.51% in its value over the previous week.</p> 
<p> Read more: <a href="https://crypto.news/chainlink-surges-amid-high-exchange-inflows-and-social-volume/" rel="noopener noreferrer nofollow"> Chainlink surges amid high exchange inflows and social volume </a> </p>

Chainlink addresses controversy over multisig wallet signer changes

crypto.news

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