Chainlink is facing backlash from the community as it quietly make changes to protocol’s multisig wallet.
The decentralized oracle provider has reduced the number of required signatures on the multisig wallet from 4/9 to 4/8. The 4/8 is a standard security measure that requires four out of eight signatures in order to authorize transactions from the protocol wallet.
A Twitter (X) user noted that the address “0xCDf00….FAB02B5A” has been removed from Chainlink multisig. The wallet has now become 4/8 from 4/9 without any announcement from the company.
A prominent crypto advocate Chris Blec cited the post with concerning that this multisig can change any Chainlink price feed to provide any price it wants, which makes it “completely centralized.”
As the community was quick to respond to Blec’s concerns and denounced the move by Chainlink, a spokesperson from their team clarified that it was just a part of 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,” said the spokesperson, adding “The rotation of signers was completed, with the Safes maintaining their regular threshold configuration.”
Some users, however, favored ChainLink’s move while adding that 4/8 multisig wallet is more secure than 4/9 as higher amount of required signatures adds redundancy rather than security
Also Read: Chainlink’s Cross-Chain Interoperability Protocol (CCIP) Revolutionizes DeFi and Banking
