So the part of this that might need explaining is "key holders." Most crypto startups use cryptography to manage their assets or their codebase.
Zoom in: A lot of times, they use multikey wallets — such that more than one person needs to sign — to move funds or make changes. That way, someone can't run off with funds or delete the code.
It's sort of like how Coca-Cola is said to only have a couple of people who know the recipe for Coke, and they can never be on a plane at the same time.
If you're using cryptography to manage things, it gives a team complete control, but there's also no backup plan. If all the keyholders were to disappear, whatever was locked would stay locked forever.
Background: Once upon a time, founders in this space were generally committed to the ideals of independence, working separately from existing systems and being extremely thoughtful about operational security.
(Though, there have always been a fair number who were just in it for gains no matter what — let's be honest here.)
The latest: It's gotten a little more corporate out there, because 💰.
