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Is it possible for the "privileged" account to change account permissions on any account? What else can it do? Are the privileged permissions documented anywhere?

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Accounts with the prefix eosio. are system account and have privileged permission, here is a an article about it: https://www.eoscanada.com/en/what-are-eosio-system-accounts-and-what-do-they-each-do

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