• The Rekt Test is a joint initiative launched by Immunefi, Polygon Labs, Solana Foundation, Fireblocks, DeFi Education Fund and Ribbit Capital to help web3 projects meet essential security criteria.
• It consists of seven security assessments including system documentation and roles assessments, key management and access control, incident response and crisis management etc.
• This test aims to improve the current state of web3 security which is immature and inadequate due to attacks leading to losses worth 3.9 billion USD in the previous year.
The Rekt Test: A Setting Security Standard for Web3
Overview of the Rekt Test
The Rekt Test is a joint undertaking developed by Immunefi, Polygon Labs , Solana Foundation, Fireblocks, DeFi Education Fund , and Ribbit Capital with cybersecurity firm Trail of Bits . It comprises a series of questions to assist web3 projects in meeting essential security criteria. The test includes seven evaluations such as system documentation and roles assessments, key management and access control , incident response and crisis management , team and personnel security , code security & testing , external audits , vulnerability management & attack mitigation & user protection .
Motivation Behind Launching the Rekt Test
Immunefi stated that the current state of web3 security remains immature and inadequate as it suffered from losses worth $3.9 billion due to hacks & scams in the previous year . As there’s substantial amount of capital at stake in this ecosystem , attackers are incentivized to exploit vulnerabilities such as code weaknesses or private key thefts or social engineering tactics . Therefore it has become necessary for setting up standards that will make sure that these projects are secure enough before users decide to get involved with them .
Team Members Involved
This effort was led by experts like Dan Guido (co-founder & CEO of Trail Of Bits ) Mitchell Amador ( founder & CEO of Immunefi) Lee Mount ( heading EulerSwap at Euler Finance ) Shahar Madar ( responsible for security products at Fireblocks ) along with representatives from Ribbit Capital .
Conclusion
In conclusion , cryptocurrency hacks have resulted in losses worth 656 million USD during first half of 2023 alone . To safeguard web3 projects against future attacks this standard should be followed which will ensure more effective quality assessment before users decide whether they want to get involved or not.