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- Safe lays off 14 staff in major restructuring following $1.43B Bybit hack tied to developer security breach.
- The company splits into specialized units (products, R&D, and ecosystem) to enhance focus and offers strong exit packages to affected employees.
- The move highlights the growing pains in crypto infrastructure as firms balance rapid innovation with security demands.
The firm Safe, which offers self-custody cryptocurrency infrastructure, has recently dismissed 14 of its workers as part of a massive restructuring drive. This occurred a few months back after one of the Safe developers’ machines was hacked, and $1.43 billion worth of cryptocurrency from Bybit was stolen. Co-founder Lukas Schor explained that the company has faced some operational issues. He claimed that the dismissal was a painful but correct decision in order to prepare for future development.
The restructuring will segregate Safe’s operations into three separate segments that will enhance its management and performance. A product-oriented segment will be focused on revenue generation. While the research and development lab will focus on the generation of technological advancements.
The third unit will focus on ecosystems and communities, addressing various issues concerning both the ecosystem and its inhabitants. According to Schor, this new structure is intended to result in better operating efficiency and quicker decision-making with consideration of the development of the industry.
Support for Departing Employees
To support the affected employees throughout the transition process. They are to be offered an extended severance package and an improved vesting schedule for the tokens. Safe has also agreed to a policy whereby employees who are leaving the company will be guided to other positions within the Ethereum community. Schor said he appreciated their efforts and underlined that the company wants to do it as professionally as possible when it comes to the workforce reduction.
This occurred after a severe security breach in the same year. When North Korean hackers successfully hacked a Safe developer’s laptop. The attackers employed an infected app that appeared to be a stock trading simulation, as cloud service login details were obtained to facilitate the Bybit exchange heist. Although Safe stated that there has been no breach of its core infrastructure. The event has prompted a thorough self-assessment of its security measures and operational processes.
Safe Security Challenges
Experts believe that such restructuring is indicative of escalating pressures for providers of infrastructure to cryptocurrencies. With the growing demand for self-custody solutions, businesses must promote product development while ensuring enhanced security. Safe’s model change may be helpful for other blockchain organisations with comparable operating and security issues. As this sector continues to expand.
The Bybit attack is still one of the largest crypto thefts associated with hacking into a developer account. This has triggered new discussions regarding the security issues inherent in Decentralized systems among the products of Safe.
