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Product analysis

Safe cover:
contract vs. operations.

Cover for Safe multisig contracts: the contracts are considered extremely safe (the cheapest cover in the set), but the real attack path (frontend or signature deception, as in the Bybit hack) is excluded.

Raccoon Score 66/100 Limited

Who this is for: Safe (multisig) users with large self-custodied balances

Verdict

A notable mismatch between what is covered and where losses have occurred. Safe’s contracts are among the most battle-tested in crypto, formally verified, with no contract-level compromise since 2018, which is the risk this cover addresses. The two large losses routed through Safe, Bybit and WazirX, came from a compromised frontend and deceived signers, which §10.8 and §10.2 exclude. Buyers should be clear that the cover addresses the contract layer, not the operational layer where these losses originated.

Confidence: medium 5 red flags As of 2026-07-22

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  • Coverage check & real-risk fit
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  • Full Raccoon Score (7 categories)
  • Methodology & sources

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COVERRACCOON

Independent analysis of DeFi cover. We read the terms nobody else opens.

© 2026 Cover Raccoon. Analyses are dated snapshots with sources, not insurance advice and not a recommendation. Terms can change; the provider wording always governs.