What happened?
Safe, a self-custody infrastructure provider, has announced a significant internal restructuring, laying off 14 employees as part of a strategic pivot. This decision comes months after a $1.43 billion hack involving Bybit was traced back to Safe’s systems. The company plans to reorganize into three distinct divisions focusing on revenue, innovation, and ecosystem alignment.
Who does this affect?
The layoffs directly impact the 14 employees who are losing their jobs, although Safe is offering them generous severance and support packages. It also affects the company’s remaining staff, who will now be working in newly structured teams with specific objectives. The broader crypto and Ethereum community may feel the impact as Safe is vital to projects relying on its infrastructure.
Why does this matter?
This restructuring at Safe is crucial because it highlights the pressures faced by crypto companies to maintain security and adapt to complex operational demands. Market confidence can be shaken when key players like Safe undergo such significant changes, especially following a massive hack. The industry’s reaction will be closely watched to gauge how these restructuring efforts influence Safe’s future performance and reliability.