Crypto treasuries, initially perceived as safe yield tools, are revealing hidden risks as they evolve from DeFi yield farming to complex credit wrappers and hedge fund-like strategies. Recent collapses of projects like Stream and Elixir highlight the disparity between perceived safety and actual risk. The article draws parallels with traditional finance, emphasizing that higher yields often correlate with increased risk. It calls for a reassessment of treasury strategies, urging users to prioritize transparency and risk alignment in their evaluations.