Self-custody crypto infrastructure provider Safe is undergoing a significant reorganization, resulting in the departure of 14 team members. This move comes several months after a major security incident involving the crypto exchange Bybit was linked back to a compromised developer environment at Safe.
Safe’s co-founder, Lukas Schor, announced the changes on April 16, describing it as the “toughest day” since the company’s inception. He stated that the decision to restructure and part ways with employees stemmed from internal complexities rather than external pressures alone.
Schor explained that as the company and its ecosystem grew, “coordination challenges” increased, impacting the team’s ability to operate effectively. He emphasized the need for a more focused approach to meet evolving expectations from projects utilizing Safe’s infrastructure.
To address these challenges, Safe is restructuring into three distinct units: a product company focused on revenue, an R&D lab dedicated to innovation, and a foundation centered on the ecosystem. Schor indicated these teams will operate with greater autonomy, aiming for increased agility and alignment with market demands.
Safe confirmed that affected employees will receive support, including extended garden leave, enhanced severance packages, favorable token vesting conditions, and assistance finding new roles within the broader Ethereum ecosystem.
The restructuring follows intense scrutiny after a $1.43 billion theft from Bybit earlier in the year. Investigations revealed the breach originated in February when a Safe developer’s machine was compromised by malware disguised as a stock investment tool. This allowed attackers, identified as the North Korean group TraderTraitor, to gain access and bypass security measures, highlighting ongoing security challenges within the blockchain space.