The most significant risk is the distribution of malware. "KMS tools" are a prime vector for threat actors because users are conditioned to disable Antivirus and Windows Defender to use them (since the activator behaves like a virus to inject code).
To understand the appeal, you need to know the mechanism. When you download and run a KMS tool on Windows 10 64-bit: kms tools download windows 10 64 bit hot
For a 64-bit system, these tools install both 32-bit and 64-bit service executables, but the core engine runs as a 64-bit process for stability. The most significant risk is the distribution of malware
Some malicious actors embed ransomware into the activation tool. Days or weeks after you "activate" Windows, files on your system get encrypted, and you are asked to pay Bitcoin for the decryption key. For a 64-bit system, these tools install both
Users searching for "Windows 10 64-bit" specific tools are reacting to architectural changes in modern computing.
The use of KMS tools to activate Windows without a valid license constitutes a violation of Microsoft’s Terms of Service and copyright laws (specifically regarding circumvention of access controls).