‘Rekt Test’ Launched by Immunefi, Trail of Bits, and Solana Foundation

Bug bounty security platform Immunefi has teamed up with cybersecurity firm Trail of Bits to launch “The Rekt Test,” an essential security standard for web3 projects. This collaborative effort aims to guide web3 projects through a series of questions to ensure they meet a minimum level of security performance. The results from the test will enable users and investors to make more informed decisions about a project’s quality and security before engaging with it.

‘Rekt Test’ Launched by Immunefi, Trail of Bits, and Solana Foundation

The Rekt Test encompasses seven critical security assessments, including system documentation and roles, key management and access control, incident response and crisis management, team and personnel security, code security and testing, external audits, and vulnerability management, and attack mitigation and user protection. The test also involves collaboration with Solana Foundation, Fireblocks, and Ribbit Capital. A group of web3 security experts, including representatives from Immunefi, Trail of Bits, Euler Finance, Fireblocks, and Ribbit Capital, worked together to develop the test.

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Immunefi highlighted the current state of web3 security, stating that it remains largely immature and of poor quality. Citing a recent report, Immunefi revealed that web3 experienced over $3.9 billion in losses due to hacks and scams last year. The substantial capital within the web3 ecosystem creates an incentive for attackers to exploit code vulnerabilities, conduct private key thefts, and employ social engineering tactics. Hence, establishing robust security standards is crucial to safeguard the web3 space.

The Rekt Test is a crucial standard for ensuring that web3 projects are operating at a minimum baseline of security performance. We see devastating, unnecessary losses caused by private key thefts and social engineering alone that can be mitigated by having an established and proactive approach to security requirements.

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By implementing “The Rekt Test” web3 projects will have a structured framework to assess and enhance their security measures. This standardized approach will not only bolster the overall security of projects but also instill confidence among users and investors, leading to a more robust and trustworthy web3 ecosystem.