What is Centralization Risk?

This CertiK blog explains centralization risk in DeFi smart contracts — how centralized ownership (single private keys, lack of timelocks/multisig) creates single points of failure that enable rug pulls, unlimited token minting, and other exploits; it cites incidents such as the bZx private-key compromise and the MGold rug pull, and recommends smart contract audits, timelocks and multi-signature custody as mitigations.