Multi-sig, short for multi-signature, is a type of digital wallet security that requires multiple cryptographic keys to authorize a transaction. Instead of a single private key, a predetermined number of keys must be used to sign and approve an operation. This protocol enhances security by distributing control and reducing the risk associated with a single point of failure, such as a compromised private key. It is commonly employed for safeguarding significant amounts of digital assets.
Context
News regarding multi-sig often pertains to its adoption by institutional investors, exchanges, or decentralized autonomous organizations (DAOs) to secure treasury funds. Discussions frequently center on the optimal configuration of multi-sig schemes (e.g., 2-of-3 or 3-of-5) and the associated security benefits. Vulnerabilities or successful attacks on multi-sig setups are also significant news events, highlighting the importance of proper implementation and key management.
A single compromised private key enabled a malicious smart contract upgrade, allowing an attacker to drain $8.4 million from the Zoth real-world asset restaking protocol.
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