# \[CRITICAL\] Formal Complaint Filed with Upbit Exchange: Investigation into SafeDAO’s Negligence & Communication Shutdown

**URL:** <https://forum.safefoundation.org/t/critical-formal-complaint-filed-with-upbit-exchange-investigation-into-safedao-s-negligence-communication-shutdown/6859>\
**Category:** General Discussion\
**Created:** [December 12, 2025, 3:44pm UTC](https://forum.safefoundation.org/t/critical-formal-complaint-filed-with-upbit-exchange-investigation-into-safedao-s-negligence-communication-shutdown/6859 "2025-12-12T15:44:22Z")\
**Posts on this page:** 1\
**Page:** 1

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**Author:** ![CLEMJ](https://avatars.discourse-cdn.com/v4/letter/c/97f17d/32.png) [@CLEMJ](https://forum.safefoundation.org/u/CLEMJ)\
**Post date:** [December 12, 2025, 3:44pm UTC](https://forum.safefoundation.org/t/critical-formal-complaint-filed-with-upbit-exchange-investigation-into-safedao-s-negligence-communication-shutdown/6859/1 "2025-12-12T15:44:22Z")

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**TL;DR** Due to the Foundation’s unilateral closure of Discord and persistent silence on this forum, I have officially filed a complaint with **Upbit (South Korea’s largest exchange)**. Upbit has responded that they will **“seriously review”** the current status of the SAFE project regarding investor protection. This may lead to an “Investment Warning” designation and potential delisting.

* * *

### **1. Why I took this action**

I did not want to do this, but the Foundation left me no choice. Despite the project claiming to be a “Community Governance Token,” the leadership has:

1. **Unilaterally shut down the Discord community** , cutting off the only real-time communication channel.

2. **Consistently ignored user inquiries** on this forum (forum.safe.global).

This is not just poor management; it is a betrayal of the token holders. To prevent further victims from investing in a project that ignores its community, I have reported these issues to the **Upbit Customer Protection Center**.

### **2. The Broken Promise (GIP-29)**

Do you remember how this project started? In **[GIP-29: Spin-off SafeDAO and launch SAFE token]**, you explicitly promised a decentralized future to justify the token launch.

- **LINK:** [https://forum.gnosis.io/t/gip-29-spin-off-safedao-and-launch-safe-token/3476](https://forum.gnosis.io/t/gip-29-spin-off-safedao-and-launch-safe-token/3476)

You promised a DAO that empowers its ecosystem. You promised shared rewards. **Look at where we are now.** You have abandoned the “Governance” aspect entirely. Even after the Bybit hacking incident forced you to pivot completely to open-source, you have neglected the token that is supposed to secure that very ecosystem.

### **3. Consequences: Upbit’s Review Process**

For your information, Korean exchanges like Upbit follow a strict procedure for projects that fail to protect investors or communicate transparently:

1. **Report & Review:** (Current Stage - “Seriously Reviewing”)

2. **Designation as “Investment Warning”:** Public warning to all investors.

3. **Delisting (Termination of Support):** Removal from the exchange.

Upbit takes “lack of communication” and “governance negligence” very seriously. **If you continue to ignore this forum and hide behind silence, you are actively pushing SAFE towards delisting in the Korean market.**

### **4. Final Statement**

I have done my best as a holder to protect the community. The ball is now in your court. Will you honor the original spirit of GIP-29 and restore communication/value, or will you face the consequences of regulatory exclusion?

**We are watching. Upbit is watching.**