Greenfield Capital, an early investor in the Safe protocol, has filed a formal complaint with Switzerland’s Federal Supervisory Authority for Foundations (ESA) regarding governance at the Zug-based Safe Ecosystem Foundation. The firm is requesting a board restructuring with the addition of independent directors, along with a comprehensive review of strategy, products, organization and tokenomics paired with measurable KPIs. Assets held in Safe fell from approximately 6.6 billion dollars in early 2024 to around 3 billion dollars now, while DeFi total value locked rose by 40 percent and stablecoin supply expanded by 135 percent over the same period. The dispute also highlights conflict of interest allegations surrounding Stefan George, a board member who also serves as CTO of Gnosis, and accusations that Gnosis pressured Safe’s co-founders to reallocate SAFE tokens following the Bybit hack in February 2025.
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