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{"id":5287,"date":"2023-09-26T08:19:34","date_gmt":"2023-09-26T08:19:34","guid":{"rendered":"https:\/\/lunu.io\/news\/?p=5287"},"modified":"2023-09-26T08:19:37","modified_gmt":"2023-09-26T08:19:37","slug":"chainlinks-controversial-multisig-shift-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/lunu.io\/news\/chainlinks-controversial-multisig-shift-what-you-need-to-know\/","title":{"rendered":"Chainlink&#8217;s Controversial Multisig Shift: What You Need to Know!"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Chainlink&#8217;s Recent Multisig Changes<\/h2>\n\n\n\n<p>Chainlink, a renowned decentralized oracle network, recently faced backlash from the crypto community due to modifications in its multisig (multi-signature) wallet. The primary point of contention was the change in the number of required signatures on the multisig wallet, which shifted from a 4-of-9 configuration to a 4-of-8 setup. This alteration was discreetly made, catching the attention of crypto enthusiasts, including the notable crypto researcher, Chris Blec.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"ast-oembed-container \" style=\"height: 100%;\"><blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><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\" rel=\"nofollow\" target=\"_blank\">https:\/\/t.co\/GOAtJXShIV<\/a><\/p>&mdash; Chris Blec (@ChrisBlec) <a href=\"https:\/\/twitter.com\/ChrisBlec\/status\/1706001824153481284?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\" target=\"_blank\">September 24, 2023<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/div>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">The Backstory and Implications<\/h2>\n\n\n\n<p>The multisig wallet&#8217;s purpose is to ensure security by demanding multiple signatures to validate any transaction. The recent change was highlighted when an individual pointed out the removal of a wallet address from Chainlink&#8217;s multisig system, which was done without any prior announcement from the company. Chris Blec voiced his concerns, suggesting that such modifications could potentially allow for manipulation of Chainlink&#8217;s price feed. He further emphasized that this move could centralize what is intended to be a decentralized system. However, there&#8217;s another side to the coin. Some users argue that a 4-out-of-8 multisig wallet might be more secure than its 4-out-of-9 counterpart. They believe that merely increasing the number of required signatures doesn&#8217;t necessarily improve security but might introduce redundancy.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">My Perspective on the Matter<\/h2>\n\n\n\n<p>From my point of view, while the concerns raised by Chris Blec and others are valid, it&#8217;s essential to consider the broader picture. Chainlink promptly addressed the concerns, with a representative explaining that the change was a part of a routine signer rotation process. The spokesperson further clarified, &#8220;The rotation of signers was completed, with the Safes maintaining their regular threshold configuration.&#8221; It&#8217;s also worth noting that Blec has been a consistent critic of Chainlink in the past. He has expressed concerns about Chainlink&#8217;s potential impact on the Decentralized Finance (DeFi) ecosystem, especially given its influence on major DeFi platforms like Aave and MakerDAO. As I see it, while it&#8217;s crucial to maintain transparency in such changes, it&#8217;s equally important to understand the reasons behind them. On a positive note, despite the controversy, Chainlink&#8217;s (LINK) price has seen a 20% surge since September 12, hinting at a bullish market sentiment.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chainlink&#8217;s Recent Multisig Changes Chainlink, a renowned decentralized oracle network, recently faced backlash from the crypto community due to modifications in its multisig (multi-signature) wallet. The primary point of contention was the change in the number of required signatures on the multisig wallet, which shifted from a 4-of-9 configuration to a 4-of-8 setup. This alteration [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":5288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[53,54],"tags":[],"class_list":["post-5287","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-crypto"],"_links":{"self":[{"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/posts\/5287","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/comments?post=5287"}],"version-history":[{"count":1,"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/posts\/5287\/revisions"}],"predecessor-version":[{"id":5301,"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/posts\/5287\/revisions\/5301"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/media\/5288"}],"wp:attachment":[{"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/media?parent=5287"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/categories?post=5287"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/tags?post=5287"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}