Immunefi, in collaboration with Polygon Labs and the Solana Foundation, has unveiled the web3 security initiative called “The Rekt Test.” This bug bounty security platform aims to establish a baseline security standard for web3 projects in partnership with cybersecurity firm Trails of Bits. By guiding web3 projects through a series of questions, The Rekt Test ensures adherence to a minimum level of security performance.
The security assessments covered by The Rekt Test include 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.
In addition to its partnership with Trails of Bits, The Rekt Test has received support from other notable entities such as Polygon Labs, Solana Foundation, Fireblocks, DeFi Education Fund, and Ribbit Capital. A team of esteemed web3 security experts, including representatives from Immunefi, Trail of Bits, Euler Finance, Fireblocks, and Ribbit Capital, contributed to the development of this comprehensive security standard.
Immunefi highlights the necessity of such security measures in the web3 space, stating that the current state of web3 security is immature and of poor quality. Their recent report reveals staggering losses of over $3.9 billion to hacks and scams in web3 during the previous year. With the increasing capital in the ecosystem attracting attackers to exploit vulnerabilities in web3 projects, establishing security standards becomes imperative.
Mitchell Amador, founder and CEO at Immunefi, emphasized the significance of The Rekt Test, stating that it sets a crucial standard to ensure web3 projects operate at a minimum baseline of security performance. By addressing private key thefts and social engineering vulnerabilities, The Rekt Test seeks to mitigate devastating and unnecessary losses in the web3 space.
Notably, Immunefi recently announced an influx of web3 security reports generated using ChatGPT since its launch by OpenAI in November. This indicates a growing interest and need for security measures in the rapidly evolving web3 ecosystem.
