CryptoMediaClub
Thursday, August 28, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home Blockchain

Chainlink downplays worries after users notice quiet change to multisig

25.09.2023
A A
0
123
VIEWS
ShareShare

Decentralized oracle network Chainlink has downplayed a recent change in the number of signers required on its multisig wallet — a move that garnered backlash on social media from vocal critics.

Crypto researcher Chris Blec was among a number of users on X (formerly known as Twitter) who called out Chainlink for quietly reducing the number of signatures required on its multi-signature wallet from 4-of-9 to 4-of-8.

The 4-of-8 multisig requirement is a security measure that requires four out of eight signatures to authorize a transaction.

In a Sept. 25 X post, Blec drew attention to an original post from a pseudonymous user that showed that a wallet address had been removed from the multisig wallet without any announcement being made by Chainlink.

Chainlink multisig has removed a signer and is now a 4-of-8 multisig.
This multisig can change *any* Chainlink price feed to provide *any* price that it wants it to provide.
Completely centralized under this multisig. https://t.co/GOAtJXShIV

— Chris Blec (@ChrisBlec) September 24, 2023

While members of the crypto community were quick to raise their concerns with the move, a spokesperson for Chainlink told Cointelegraph that the update was part of a standard signer rotation process.

“As part of a periodic signer rotation process, the multisignature Gnosis Safes used to help ensure the reliable operation of Chainlink services were updated. The rotation of signers was completed, with the Safes maintaining their regular threshold configuration.”

Blec has long been an outspoken critic of Chainlink, going as far as saying that “the entire DeFi ecosystem can be intentionally destroyed in the blink of an eye” if Chainlink’s signers were to ever “go rogue.”

The entire DeFi industry – VCs, DAOs, devs, everyone – is colluding to hide the fact that if 5 people, chosen by @chainlink, ever decide (or are forced) to go rogue, the entire DeFi ecosystem can be intentionally destroyed in the blink of an eye.

— Chris Blec (@ChrisBlec) February 7, 2023

Related: Chainlink hits Ethereum layer-2 Arbitrum for cross-chain DApp development

According to Blec, the centralization risk inherent in Chainlink extends to a range of mainstay DeFi projects, including Aave and MakerDAO, which rely on Chainlink’s oracles for price data.

Chainlink is a decentralized oracle network that enables Ethereum-based smart contracts to communicate securely with real-world data and services outside the siloed world of blockchain networks.

Notably, Chainlink’s native LINK (LINK) token has been one of the best-performing crypto assets in recent weeks, having gained nearly 20% over the last month, according to price data from Cointelegraph.

Asia Express: PEX staff flee event as scandal hits, Mt. Gox woes, Diners Club crypto

Share9Tweet6ShareSharePin2

Related Posts

Ondo Finance Unleashes Revolutionary Tokenized US Treasuries on Sei
Blockchain

Ondo Finance Unleashes Revolutionary Tokenized US Treasuries on Sei

18.07.2025
0

Skip to content

Read moreDetails
Hashed stablecoin: South Korea’s Crypto Giant Unveils Bold Trademark Play

Hashed stablecoin: South Korea’s Crypto Giant Unveils Bold Trademark Play

17.07.2025
LA Token’s Strategic Move: Lagrange Foundation Considers Crucial Buyback for Price Stability

LA Token’s Strategic Move: Lagrange Foundation Considers Crucial Buyback for Price Stability

14.07.2025
Shocking Loss: Crypto Influencer Accidentally Burns $75K in PUMP Token

Shocking Loss: Crypto Influencer Accidentally Burns $75K in PUMP Token

14.07.2025
Dubai’s Historic Approval: Qatar National Bank Launches Revolutionary Tokenized Money Market Fund in DIFC

Dubai’s Historic Approval: Qatar National Bank Launches Revolutionary Tokenized Money Market Fund in DIFC

08.07.2025
Load More
Next Post
North Korean Lazarus Group amasses over $40M in Bitcoin, data reveals

North Korean Lazarus Group amasses over $40M in Bitcoin, data reveals

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

Prominent Author Robert Kiyosaki Warns of More Bank Failures

Prominent Author Robert Kiyosaki Warns of More Bank Failures

2 years ago
BTC price breakout by end of August? 5 things to know in Bitcoin this week

BTC price breakout by end of August? 5 things to know in Bitcoin this week

2 years ago
Bitcoin analysts doubt BTC price rally as $23K target gains popularity

Bitcoin analysts doubt BTC price rally as $23K target gains popularity

2 years ago
Global X Submits Paperwork for Spot Bitcoin ETF

Global X Submits Paperwork for Spot Bitcoin ETF

2 years ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

Mastercard Launches Stablecoin Settlements in EEMEA

The 2nd Edition of the CoinFerenceX Decentralized Web3 Summit: Builders, Investors, and Developers Meet Again to Shape The Web Space

Google Cloud Launches DLT Platform to Modernize Global Capital Markets

The Sandbox Founders Exit as Animoca Assumes Full Control in Major Overhaul

CFTC Adopts Nasdaq Tool to Hunt Insider Trading in Crypto

Webull Launches Crypto Trading in Australia via Coinbase Prime

Trending

Solana DeFi TVL nears all-time high at $11.7B but daily fees remain stuck under $2 million
Analysis

Solana DeFi TVL nears all-time high at $11.7B but daily fees remain stuck under $2 million

28.08.2025
0

Increased capital has clustered around Solana over the past month, even as user activity shows mixed momentum....

Pepe Price Prediction: No Buyers, No Volume – Is This Meme Coin About to Fade Into Oblivion?

Pepe Price Prediction: No Buyers, No Volume – Is This Meme Coin About to Fade Into Oblivion?

28.08.2025
APT Miner Launches Cloud Mining App, Supports Multiple Cryptocurrencies and Green Energy

APT Miner Launches Cloud Mining App, Supports Multiple Cryptocurrencies and Green Energy

28.08.2025
Mastercard Launches Stablecoin Settlements in EEMEA

Mastercard Launches Stablecoin Settlements in EEMEA

28.08.2025
The 2nd Edition of the CoinFerenceX Decentralized Web3 Summit: Builders, Investors, and Developers Meet Again to Shape The Web Space

The 2nd Edition of the CoinFerenceX Decentralized Web3 Summit: Builders, Investors, and Developers Meet Again to Shape The Web Space

28.08.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz