[kingaillas]

>You still own your private keys but are trusting a centralized organization to keep the other, so it would require both parties to be hacked for the wallet to be at risk

Wouldn't it just require one to be hacked - where the risk is losing access to your wallet? Say an evil hacker destroys one of the halves of your private key, now the wallet is unavailable.

If the risk is - drain the account - then yes, both would need to be hacked in order to get access.

[everfree]

Hackers aren't usually in the business of locking people out of their money. There's no profit in that for the hacker.

However, I'm sure the MPC wallet prompts you to write down your half of the key on a piece of paper during wallet set-up. That way if your device fails (or you cross fate with a particularly chaotic hacker), you can import your key into a new wallet.