PANews reported on June 12 that according to CoinDesk, the multi-signature wallet Safe announced the establishment of a new development department, Safe Labs, ending the common industry model of outsourcing technology development to third-party companies to consolidate operations and enhance its product roadmap. Safe Labs CEO Rahul Rumalla said that the department will be directly affiliated with the non-profit organization Safe Foundation.

In an interview, Rumalla pointed out that this adjustment marks a strategic transformation of Safe, which aims to develop products that meet the cultural concepts of cypherpunk and the needs of corporate customers. He emphasized: "The current industry generally has the dilemma of choosing between security and convenience, and Safe Labs refuses to accept this compromise framework. We will be committed to breaking this either-or model." According to Rumalla, the ByBit hacking attack was the "catalyst" for the creation of Safe Labs.