The 7th Security Committee Member: Rex Hygate, Founder & President of DeFiSafety

2 min readApr 7, 2022

Only 7 days left and Lossless Protocol will be launched live on Ethereum’s mainnet. Afterward, we will adapt it to each other chain we support — BSC, Polygon, Harmony, AVAX, and Fantom.

We have already revealed six out of nine Security Committee members which will have a crucial role in hack report investigation. Until the protocol’s launch, all 9 will be presented. So far, the unveiled members are:

Our team is excited to be announcing the sixth committee member to help us minimize hacks in DeFi — we’re honored to welcome Rex Hygate, Founder and President of DeFiSafety to our ranks.

DeFiSafety is an independent rating organization that evaluates Decentralized Finance products to produce an overarching security score based on transparency and adherence to best practices. DeFiSafety does not perform code audits. Instead, they review the quality of process and documentation behind the code, of which audits are only a part. Having such experience on board the Security Committee tackles one more angle necessary to ensure proper DeFi security.

The Security Committee is a 9 member integral structure, comprised of blockchain industry professionals and key figures that will provide trusted and unbiased decision-making when investigating reported hacks.

Two members remain hidden. Stay tuned.

About DeFiSafety

We rate DeFi products on software quality and use of best practices. In DeFi, you have to trust the software as there is nothing else backing you up.

Website | Twitter | Medium | Telegram | Discord

About Lossless

Lossless is the world’s first DeFi hack mitigation tool for token creators. Apart from Lossless’ known cyber security solutions and renowned professionals, the community also plays a role. With a tangible reward system, community members are also encouraged to explore new ways to detect hacks and fraudulent transactions.

Lossless protocol halts counterfeit transactions through various methods of fraud identification and automatically reverses any stolen tokens back to the original owner. Its solutions to the impending problems of cyber theft within the blockchain space are thorough and applicable within many protocols.

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