Greenfield Capital Files Swiss Regulatory Complaint Against Safe Ecosystem Foundation Over Governance Failures
AI Market Summary
Greenfield Capital filed a supervisory complaint with Switzerland's ESA seeking review of Safe Ecosystem Foundation governance, citing insufficient independent oversight, alleged conflicts of interest, and deteriorating business and network metrics versus broader crypto. The dispute raises near-term uncertainty around governance stability, stakeholder alignment, and strategic execution, potentially weighing on ecosystem confidence as management targets 2026 breakeven and revenue growth amid investor pressure for board changes.
Impact level
● Medium
Affected assets
SAFE/USDT+6.31%
AI Insight · SAFE/USDTAI Insight
▼ Bearish
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On Sunday, Greenfield Capital filed a formal supervisory complaint with Switzerland's Federal Supervisory Authority for Foundations (ESA) against the Safe Ecosystem Foundation. According to an open letter by founding partner Jascha Samadi, the firm’s concerns intensified in early 2025 due to Safe’s underperformance and a lack of board independence. Greenfield reported that total value held in Safe accounts plummeted from $66 billion in January 2024 to $30 billion by August 2026, even as the broader DeFi market grew. The investor also disputed Safe's revenue claims, citing a Q2 run rate of $8 million against a $20 million forecast for 2026. Samadi alleged conflicts of interest involving board members Stefan George and Richard Meissner, calling for the appointment of independent directors with expertise in finance and risk management.