most RWA debates are about legal title (SPVs, custodians, bankruptcy remoteness). those are all fair concerns, but look at where money actually goes missing. There have been 257 incidents since 2022, resulting in a loss of $9.69 billion. About half of these stemmed from stolen keys, phishing and supply chain attacks, and compromised private keys alone accounted for 24%. In Q3, $906.8 M of the $1.18 B lost was due to compromised vendors and development tools, fixes that nobody installed, and parts that nobody put in scope. now apply that to a tokenized fund. the asset sits with a custodian, but the price, the mint and the blacklist sit with a few keys at the issuer. Paxos mistakenly minted 300 trillion PYUSD from a hot wallet. The Liquid Network, home to $1.5 billion of RWAs, minted 4,000 unbacked L‑BTC in September and withdrew 4,000 real BTC from its federation, most of it came back. The bug ignored any legal wrapper. A court can protect your title, but it can't unmint a token. That's the version of 'do you REALLY own it' I want answered tomorrow.