Kenne Michael 
The company has downplayed the recent reduction in the required number of signers for its multisig wallet by the decentralized oracle network Chainlink despite facing criticism on social media from vocal critics.
Among these critics was crypto researcher Chris Blec, who, along with several other users on X (formerly known as Twitter), criticized Chainlink for quietly decreasing the signatures needed on its multi-signature wallet from 4-of-9 to 4-of-8.
The 4-of-8 multisig requirement is a security measure mandating four out of eight signatures to authorize a transaction.
On September 25th, in a post on X, Blec drew attention to an original post from an anonymous user, revealing that a wallet address had been removed from the multisig wallet without any official announcement from 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
Despite concerns voiced by crypto community members, a Chainlink spokesperson stated that the update was part of a routine signer rotation process.
Chris Blec has consistently criticized Chainlink, even suggesting that the entire DeFi ecosystem could be vulnerable if Chainlink’s signers were to act against the network’s interests.
“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.”
According to Blec, the centralization risk associated with Chainlink also extends to various foundational DeFi projects, such as Aave and MakerDAO, which rely on Chainlink’s oracles for price data.
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
Chainlink operates as a decentralized oracle network facilitating secure communication between Ethereum-based smart contracts and real-world data and services beyond the confines of blockchain networks.
It is worth noting that Chainlink’s native LINK token has shown strong performance in recent weeks, with a nearly 20% increase in value over the past month.
