Haveno’s multi-sig trading only protects trades that have already been accepted, which is about 1% of all the liquidity. The rest, like open offers, aren’t protected and could potentially be taken or misused by the admins. So, it’s confusing why some people still see Haveno as a fully self-custodial exchange, when in reality, it’s more like a centralized liquidity platform.

For a more detailed understanding, please read the section about self-custodial trade funding: