Radiant, Penpie, DMM Bitcoin, WazirX — the biggest 2024 losses were compromised keys and phished signers, not contract bugs. Protocols pay $500K for audits that check for reentrancy while the multisig sits on a dev's laptop running outdated Telegram. Admin key compromise is where the money actually leaves, but there's no SlowMist report for 'your signer opened a malicious PDF.'

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