Chainlink, a well-known decentralized oracle network, has been facing criticism on social media platforms after making a change to the number of signers needed for its multisig wallet. This change, which was discovered by crypto researcher Chris Blec, reduced the number of necessary signatures from 4-of-9 to 4-of-8. This reduction was flagged by Blec as a potential security risk and was criticized for being made quietly without any announcement from Chainlink.
In a post on X (previously known as Twitter), Blec drew attention to the change, suggesting that such a move could have significant implications for the security and integrity of the network. He has previously warned about the risks associated with Chainlink’s centralized structure, suggesting that the entire DeFi ecosystem could be vulnerable if Chainlink’s signers went rogue. Chainlink’s oracles are used by numerous DeFi projects, including Aave and MakerDAO, for secure and reliable price data.
In response to the criticism, a spokesperson for Chainlink told Cointelegraph that the change was a standard part of their signer rotation process, seeking to reassure the community about the security protocols in place. Despite the controversy, Chainlink’s native token, LINK, has been performing well, with a reported gain of nearly 20% over the last month.
It’s important for the community and potential investors to consider these factors and conduct thorough research when engaging with DeFi platforms and other blockchain projects. The transparency and communication of the project team are crucial in maintaining trust and security in the decentralized finance ecosystem.
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