Hacken examined 12 derivatives exchanges and prediction markets, finding that over $700 million in secure assets at two major venues depended on a three-of-four key signing arrangement or unpublicized administrative key holders.

The venues where digital assets trade, from Coinbase and Binance to decentralized protocols, with their listings, licenses, custody and failures.

Futures, options, and perpetual swaps tied to digital-asset prices, letting traders hedge or lever positions and often dwarfing spot volumes.