Chainlink Addresses Concerns Over Multisig Wallet Update – Chainlink, the decentralized oracle network, has responded to concerns raised by the crypto community regarding a recent change in its multisig (multi-signature) wallet. The critique emerged after users, including prominent crypto researcher Chris Blec, observed that the number of signatures required for the multisig wallet had discreetly shifted from 4-of-9 to 4-of-8.
The 4-of-8 multisig configuration serves as a security measure, mandating that any transaction must acquire authorization from at least four out of the eight available signatures. On September 25th, using the social platform X (previously Twitter), Blec spotlighted a post by an anonymous user that unveiled the removal of a wallet address from Chainlink’s multisig setup. This change had been executed without a formal announcement from Chainlink.
However, Chainlink was quick to address these apprehensions. Speaking to Cointelegraph, a Chainlink spokesperson clarified that the adjustment was part of a routine signer rotation protocol. They elaborated, “The rotation of signers was completed, with the Safes maintaining their regular threshold configuration.”
Chris Blec has consistently been a vocal critic of Chainlink. He has previously asserted that the entire DeFi (Decentralized Finance) ecosystem could be perilously disrupted if Chainlink’s signers ever chose to act maliciously.
It’s essential to highlight that Chainlink’s influence is not just confined to its direct users. DeFi giants like Aave and MakerDAO, which are pivotal players in the crypto domain, also depend on Chainlink’s oracles for crucial price data.
Chainlink’s primary function is to act as a bridge, allowing Ethereum-based smart contracts to interact securely with real-world data and services beyond the confines of individual blockchain networks.
On a brighter note, Chainlink’s native token, LINK, has been experiencing a bullish trend. Recent data from Cointelegraph shows that the LINK token has surged nearly 20% in the past month, standing out as one of the top-performing crypto assets in this timeframe.