They are smart guys who have shown several times they know how to run their business, not like Karpeles.
I'm sure they save their keys in secure locations where even they couldn't get easily. Hopefully with multisig.
I'm not that smart and even I would do that.
However they are not using multisig (as per their audit) so not that secure....means that gun to the head of the right single person could potentially gain you the entire cold wallet.