The Multisig Wallet Drama

Our favorite decentralized oracle network, Chainlink, has made a move that has left the crypto community buzzing. They quietly reduced the number of signatures needed for their multisig wallet from a solid 4-of-9 to a shakier 4-of-8. Now, that might not seem like a big deal to the untrained eye, but to the vigilant denizens of the blockchain, it’s like changing the password to the vault and only telling half the crew.

Twitter Tension

Cue the drama on social media, where Chris Blec, a crypto researcher with a penchant for calling things out, pointed fingers at Chainlink. He posted about a wallet address being removed without a peep, leading to a heated discussion on X (formerly known as Twitter). He wasn’t wrong; a 4-of-8 multisig should have folks a tad uneasy, as it gives a slightly smaller group the power to control potentially anything.

Chris tweeted, “This multisig can change any Chainlink price feed to provide any price that it wants it to provide. Completely centralized under this multisig.” Talk about opening a can of worms!

Chainlink’s Defense

In the face of backlash, a Chainlink spokesperson stepped up to clarify the situation. They claimed that this update was merely part of their periodic signer rotation. You know, like changing up the staff in a shoulder-to-shoulder