ELI5 game theory:

• people trust established auditors
• auditors trust operators who follow the rules and have a trusted party of last resort
• operators need a reputable partner
• most available reputable partners will be honest from self-interest
• you need to collude with your partner in order to steal funds
• if you stop operating, your partner will force close
• if your partner force closes without reason, they lose reputation
• if the channel force closes the managed funds +20% will be reallocated to a new operator
• if you want out, you pay other vaults that auditors trust to take your deposits