Safe Launches Safe Labs to Enhance Product Development Post ByBit Hack
Safe, previously known as Gnosis Safe, has launched a new development unit called Safe Labs following the $1.4 billion ByBit hack. The initiative aims to consolidate operations and enhance product strategy.
- Safe Labs will be the core development arm of Safe, moving away from outsourcing technical work.
- It operates under the Safe Foundation, a nonprofit organization.
- The shift reflects a strategy to balance security with convenience, rejecting traditional compromises in product development.
Post-Hack Pivot
- The ByBit hack was pivotal for creating Safe Labs, though core smart contracts remained secure.
- The attack involved malicious code that deceived ByBit’s CEO into authorizing a transaction.
- User confidence stayed strong, with minimal churn and continuing robust transaction volume on EVM-compatible networks.
- Rumalla emphasized the need for a mindset shift in defending against cyber warfare rather than just cyberattacks.
From Ideals to Infrastructure
- Safe Labs aligns with trends among other protocols streamlining decision-making.
- The team is developing a “V2” wallet aimed at institutional users, introducing a subscription plan called Safe Pro.
- With over $60 billion in total value locked, Safe aims to lead in self-custody solutions while maintaining its open-source principles.
Safe's mission focuses on making self-custody easy and secure, positioning itself for future growth in the expanding on-chain economy.