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Safe Cuts 14 Jobs Amid Bybit Hack Fallout: What You Need to Know!

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Safe cuts 14 team members months after Bybit’s $1.43b theft

As a researcher looking into digital asset security matters, I’ve noticed that following the high-profile incident at Bybit which sparked concerns about custodial risks, Safe has recently made a tough decision to part ways with 14 team members. They attribute this move to difficulties in coordination within their organization.

In simpler terms, Safe – a company that offers secure infrastructure for cryptocurrencies – has let go of 14 employees as part of significant organizational changes. This move comes several months after it was discovered that the massive $1.43 billion theft from crypto exchange Bybit could be linked to a hacked Safe developer workstation.

Today, as a crypto investor in Safe, I find myself navigating challenging waters. We are making some difficult decisions today, parting ways with 14 valued team members. Each of these individuals has played an essential role in our journey, contributing significantly to where we stand now.

I understand the gravity of this situation and there’s no sugarcoating it – it’s tough. There isn’t a flawless method for handling such situations, and words seem inadequate at expressing the depth of our gratitude and respect for these team members. We appreciate their dedication, resilience, and the impact they’ve made on Safe.

Change is never easy, but we believe it’s necessary to ensure the continued growth and success of our project. As always, we remain committed to transparency and will keep our community updated as we move forward.

— lukasschor.eth (@SchorLukas) April 16, 2025

In a recent post on Wednesday, Lukas Schor, co-founder of Safe, announced that they are reorganizing their teams and saying goodbye to 14 valued team members who have significantly contributed to our journey. Schor explained that this tough decision was necessitated by the growing intricacy within the company and escalating demands from projects associated with Safe.

During the last year, things have become more intricate. As our environment changed and possibilities multiplied, we stepped up our initiatives to venture into uncharted territories. However, this development also brought about coordination hurdles, which in time, impacted our usual swift progress.

Lukas Schor

As a researcher delving into this subject, I’ve come across Schor’s observations about Safe’s initiatives for those departing. These measures include extending the garden leave period, enhancing severance packages, optimizing token vesting terms, and offering job placement assistance within the Ethereum ecosystem.

The business will now function via three distinct units: a product company centered around revenue generation, an R&D lab dedicated to innovation, and a foundation concentrating on the ecosystem. Each of these entities will possess autonomy, operate more efficiently, be more agile, and align better with the expectations of the ecosystem, as outlined in the X post.

The restructuring takes place within approximately two months following the Bybit hack, an incident traced back to an attack on the Safe development platform. As detailed in a March article on X, it was Safe who disclosed that the North Korean cyber group named TraderTraitor infiltrated a Safe Wallet developer’s computer, and exploited swiped AWS session tokens to circumvent multi-factor authentication.

The security incident took place around early February, as a Docker project disguised as a “virtual stock trading tool” got downloaded onto a developer’s Mac at Safe. This project interacted with a questionable web address, eventually causing the malicious software to be installed.

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2025-04-17 12:16

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