Decentralized Finance (DeFi) promises autonomy, yet risk control funds often centralize governance power. These funds, designed to mitigate financial risks, grant significant control to a few stakeholders, contradicting DeFi’s ethos of distributed authority. By holding substantial voting rights or protocol keys, fund managers can influence upgrades, freeze assets, or alter rules, creating single points of failure. This centralization erodes trust and exposes protocols to manipulation or regulatory capture. While risk mitigation is critical, the concentration of power challenges the decentralized ideal. Solutions like transparent voting mechanisms, multi-signature wallets, or community-driven fund allocation could balance risk control with true decentralization, ensuring DeFi remains resilient and faithful to its core principles.