Greenfield Capital escalates Safe governance dispute to Swiss regulators
Greenfield Capital, an early backer of Safe, has escalated its governance dispute with the Safe Ecosystem Foundation by filing a formal complaint with Switzerland’s Federal Supervisory Authority for Foundations (ESA). The investor alleges that the Zug-based non-profit, which oversees SafeDAO and its treasury, has failed to address concerns about board structure, strategic direction, and potential conflicts of interest.
Greenfield’s grievances stem from months of unsuccessful negotiations. The firm sought a board restructuring to include independent directors, as well as a comprehensive review of Safe’s strategy, product lineup, organization, and tokenomics, complete with measurable key performance indicators (KPIs). The foundation’s response was deemed inadequate, as it only established a non-decision-making strategy committee and filled existing board vacancies without addressing broader concerns.
The core of the dispute revolves around board member Stefan George, who also serves as CTO of Gnosis. Greenfield highlights potential conflicts arising from product overlap between Gnosis and Safe, as well as allegations that George and Gnosis co-founder Martin Köppelmann pressured Safe’s co-founders to reallocate SAFE tokens following the Bybit hack in February 2025. These claims remain untested by any authority.
Greenfield’s frustration is underscored by Safe’s declining assets, which dropped from approximately $6.6 billion in early 2024 to around $3 billion today. This decline occurred as DeFi total value locked rose by around 40% and stablecoin supply expanded by roughly 135%. The Safe Ecosystem Foundation was established in 2022 when Safe separated from Gnosis, and Greenfield has maintained its entire stake of SAFE tokens since its 2022 investment round.