What point did you not understand? You need to use your private key, which they call seed, every time you want to log into your wallet. There is no password you can set. It is just openly exposed, be it a keylogger, someone monitoring your connection or prying eyes. It happened not only once, now someone stole some billions of dollars from wallets, and that guy from IOTA, Ralf, writes, it was your own fault. Ridiculous.

No, it was clearly IOTAs fault to not put any protective measures in place and expose people to their design flaws, now we have the disaster. And they say "oh sorry, we are just open source, we were lazy and stupid, but in the end it was only your fault, not ours". Not acceptable.