Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Crypto Influencer Claims Chainlink’s Multisig May Destroy DeFi

Published 08/02/2023, 13:50
Updated 08/02/2023, 14:15
Crypto Influencer Claims Chainlink’s Multisig May Destroy DeFi

  • A crypto influencer recently highlighted the vulnerabilities in Chainlink’s 4-of-9 multisig.
  • The influencer believes that the DeFi ecosystem’s exposure to Chainlink oracles may be catastrophic.
  • Popular projects like Aave and Maker rely on Chainlink’s price oracles.

Chris Blec, a popular crypto influencer who describes himself as a fierce advocate for immutable decentralized technology, has alleged that the decentralized finance (DeFi) industry is colluding to hide a key vulnerability associated with Chainlink.

According to Blec, the developers, decentralized autonomous organizations (DAO) and venture capitalists, and others in the DeFi space are 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.

The vulnerability that Blec is …

The post Crypto Influencer Claims Chainlink’s Multisig May Destroy DeFi appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.