"Bug-free" code is irrelevant if the design or parameterization is flawed.
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If you're going to put a multisig in control of critical parts of your smart contract system, at least use it as intended: under the control of multiple independent parties (preferably all in different jurisdictions, with heterogeneous computing setups).
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yes the public can't confirm one way or the other, so they trust that the multisig signers are operating as promised/expected (fancy bonding protocols can be used to incentivize honesty but that was not the case here and not always applicable either).