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.
People should take this potential situation much more seriously than they currently do. And not just exchange owners. With the amount of money we're talking about here at stake now this is something that is inevitable. There's no way around it. People will be robbed this way eventually.
Btc-e And bitstamp probably have bougth a banking lisence and are now above the law
its that simple welcome in the wonderfull world of offshore banking http://www.youtube.com/watch?v=d4o13isDdfY
they are perfectly legal under WTO Treaties (above any national law) no need to wory bitcoin jezus did the same.
This is exactly why regulation on bitcoin will NEVER work http://www.youtube.com/watch?v=tgEDOBgYg-g&feature=share
the US simply lost its chance her.