Safe early investor Greenfield has filed a complaint with Swiss regulators, alleging that a foundation director used tokens to threaten and exert pressure.

On October 4, early investor Greenfield Capital issued an open letter stating that it has filed a regulatory complaint with the Swiss Federal Foundation Regulatory Authority, ESA, regarding governance issues at the Safe Ecosystem Foundation.

Greenfield alleged that following the February 2025 hack of Bybit, Safe foundation director and Gnosis co-founder Stefan George, alongside Gnosis co-founder Martin Köppelmann, demanded that other Safe directors and co-founders hand over a large amount of SAFE tokens, threatening that Gnosis would sell its entire position—accounting for roughly 10% of the total SAFE supply—and publicly cut ties with Safe. Greenfield stated that the relevant parties ultimately complied with the demands and completed the token reallocation, a development confirmed by multiple sources.

Additionally, Greenfield accused the Safe foundation board of lacking independence and facing conflicts of interest, noting that Gnosis, to which Stefan George belongs, had previously run a wallet product that directly competed with Safe{Wallet}. Greenfield had previously called for Stefan George's replacement and the introduction of independent external directors, but these requests were rejected by the foundation.

Greenfield emphasized that this regulatory complaint does not constitute legal action against individuals, nor is it an attempt to take control of Safe.