In response to the recent $1.4 billion ByBit hack, Safe, a renowned multi-party crypto wallet, has established a new development entity, Safe Labs, to centralize operations and refine its product roadmap. This move marks a significant shift away from the traditional contractor model, with Safe Labs operating directly under the Safe Foundation, a non-profit organization. According to Safe Labs CEO Rahul Rumalla, this transition reflects a broader strategy to create products that balance the principles of cypherpunk culture with the demands of institutional clients. The ByBit hack, which exploited Safe's user-facing web application, served as a catalyst for the creation of Safe Labs.
Despite the breach, user confidence in the Safe platform remains strong, with the application continuing to process 10% of all transaction volume across Ethereum Virtual Machine (EVM)-compatible networks. Rumalla emphasized that the crypto industry is now facing a 'cyber warfare' era, requiring a mindset shift to defend against sophisticated attacks.
Safe Labs is currently working on a 'V2' version of its wallet, featuring a more opinionated product direction, particularly for institutional users. The team is also developing a subscription plan, Safe Pro, designed for enterprises and institutions with higher security needs and customization requirements. With over $60 billion in total value locked and $1 trillion in historical transaction volume, Safe remains a leading self-custody platform, and its next chapter is focused on defining the future of wallets in a trillion-dollar on-chain economy.