Chainlink

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 <p class="is-style-lead">Chainlink, a decentralized oracle network, has come under scrutiny for altering the security measures of its multi-signature (<a rel="dofollow" title="multisig" href="https://thebittimes.com/tag/multisig.html">multisig</a>) <a rel="dofollow" title="wallet" href="https://thebittimes.com/tag/wallet.html">wallet</a>.</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 highlighted 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. https://t.co/GOAtJXShIV</p>— Chris Blec (@ChrisBlec) September 24, 2023
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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 Ex<a rel="dofollow" title="change" href="https://thebittimes.com/tag/change.html">change</a> 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) September 24, 2023
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 <p>As the crypto community rapidly voiced their concerns about the <a rel="dofollow" title="change" href="https://thebittimes.com/tag/change.html">change</a>, a Chainlink community ambassador took it to X to clarify that the update was a routine part of their standard <a rel="dofollow" title="signer" href="https://thebittimes.com/tag/signer.html">signer</a> 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 updatehttps://t.co/Mhjdqp6FWm<br><br>More context of how upgradability with Chainlink services are managed: https://t.co/s9kGst96lg pic.twitter.com/VKgwNR9uV2</p>— ChainLinkGod.eth (@ChainLinkGod) September 25, 2023
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 <p>Chris Blec has been a long-standing critic of Chainlink, previously warning 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 20% over the past month and was trading at $7.27 at press time, adding 8.51% in its value over the previous week.</p> 
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Chainlink surges amid high exchange inflows and social volume 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/chainlink-addresses-controversy-over-multisig-wallet-signer-changes-tbt63912.html">https://thebittimes.com/chainlink-addresses-controversy-over-multisig-wallet-signer-changes-tbt63912.html</a></p>

Chainlink addresses controversy over multisig wallet signer changes

TheBitTimes

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