Wu said he learned that Greenfield Capital, an early investor in Safe, issued an open letter stating that it had submitted a regulatory complaint to the Swiss federal foundation regulator ESA regarding governance issues at the Safe Ecosystem Foundation. Greenfield alleged that after Bybit was hacked in February 2025, Safe Foundation director and Gnosis co-founder Stefan George and Gnosis co-founder Martin Köppelmann asked other Safe directors and co-founders to hand over a large amount of SAFE tokens and threatened Gnosis to sell all its holdings, which accounted for about 10% of the total SAFE supply, and to publicly cut off from Safe; the relevant personnel eventually accepted the request and reallocated the tokens. Greenfield said the incident has been confirmed by multiple sources.
Greenfield also accused the Safe Foundation board of directors of a lack of independence and conflicts of interest, including that Gnosis, owned by Stefan George, had operated a wallet product that directly competed with Safe{Wallet}. Greenfield had previously requested to replace Stefan George and introduce independent outside directors, but the relevant requests were rejected by the foundation. Greenfield stressed that the regulatory complaint was not an individual lawsuit or an attempt to gain control of Safe.