Greenfield Capital, an early investor in Safe, has filed a formal complaint with Switzerland's Federal Supervisory Authority for Foundations against the Safe Ecosystem Foundation, seeking governance reforms and regulatory scrutiny. The investor wants the foundation to restructure its board, appoint independent directors and conduct a review of Safe's strategy, products, organization and tokenomics with measurable performance indicators. Greenfield said the foundation instead formed a strategy committee without decision-making authority and filled board vacancies. The complaint alleges that the board has at times had only two members and resisted adding independent directors or external expertise. Greenfield also raised potential conflicts involving board member Stefan George, who is CTO of Gnosis, which has wallet products that compete with Safe. It cited untested claims that George and Gnosis co-founder Martin Köppelmann pressured Safe's co-founders after the February 2025 Bybit hack to reallocate SAFE tokens, backed by a threat that Gnosis would sell its approximately 10% stake. Greenfield said assets held in Safe fell from about $6.6 billion in early 2024 to roughly $3 billion, while DeFi total value locked rose around 40% and stablecoin supply expanded about 135%. The firm says it has retained all of its SAFE tokens since its 2022 investment and does not intend to sue individuals or take control of Safe.