Overview

Following a significant hack tied to North Korea, Safe, formerly known as Gnosis Safe, has introduced Safe Labs, its newest development division. This initiative aims to streamline operations and refine its product strategy after the organization suffered from the $1.4 billion ByBit hack, noted as the most considerable crypto theft to date.

Key Points

• Safe Labs is created to tighten operational oversight and advance its product offerings.
• The entity aims to ensure both security and user-friendly experiences, addressing needs from both the cypherpunk community and enterprise clients.
• The ByBit hack prompted the establishment of Safe Labs despite the core contracts of Safe remaining unscathed.

The Post-Hack Strategy

Rahul Rumalla, the CEO of Safe Labs, expressed that this venture signifies a strategic pivot towards in-house product development, moving away from the traditional reliance on contracted developers.

“This framework that we are forced to operate in — it actually forces you to compromise one over the other,” said Rumalla.
Translation: “This structure we are obliged to work in mandates that we let go of one aspect for the other: To gain more security, convenience must be forfeited, and vice versa.”

Rumalla highlighted that the ByBit incident served as a catalyst for this shift, establishing a direct connection between product innovation and user security. He also noted the importance of adapting to the evolving landscape of crypto-related threats and responses.