According to Foresight News, Greenfield Capital partner Jascha Samadi tweeted that the company has published an open letter on the Safe community forum and submitted a supervisory complaint to the Swiss Federal Foundation Supervisory Authority (ESA) about the Safe Ecosystem Foundation. Greenfield said that after Bybit was hacked in February 2025, Gnosis co-founders Stefan George and Martin Köppelmann asked other Safe directors and co-founders to give up a considerable portion of their SAFE tokens. If rejected, Gnosis would sell its entire holding, which represents approximately 10% of SAFE’s total supply, and publicly disassociate itself from the project. Greenfield said those involved ultimately accepted the request and completed the token redistribution.
Safe account custody value fell from approximately $66 billion in early 2024 to approximately $30 billion (range to August 2026). During the same period, DeFi TVL grew by approximately 40%, the total stablecoin supply grew by 135%, and stablecoins within Safe grew by only 11%. Greenfield requested that the foundation’s board of directors be updated, management replaced with experience in infrastructure expansion, and that the board take the lead in reviewing strategy, products, organization, and token economics. It said that since the end of 2025, it has been proposed directly and through lawyers that the foundation will only establish a strategic advisory committee without decision-making power, and the vacancies on the board of directors will be filled internally. The complaint targets the foundation’s governance and board composition, not the Safe Labs operations team.