Immunefi, Trail of Bits, and Solana Foundation Unveil The Rekt Test

• Immunefi, Trail of Bits, and Solana Foundation launch ‘The Rekt Test’.
• Users and investors gain valuable insights through The ‘Rekt Test’ to evaluate project security before engagement.
• Web3 experts collaborate to create a crucial standard to safeguard against hacking.

Immunefi, a bug bounty security platform, Trail of Bits, a cybersecurity firm, and the Solana Foundation have launched ‘The Rekt Test’. This initiative is touted as a web3 security benchmark designed to ensure that web3 projects maintain a minimum level of security performance.

According to the details from the press release, the Rekt Test is an extensive security assessment tool, offering a structured questionnaire to guide web3 projects in evaluating their security measures. Details reveal that the evaluation covers seven important security aspects: system documentation and roles, key management and access control, incident response and crisis management, team and personnel security, code security and testing, and others.

The press release also mentioned that by completing the Rekt Test, users and investors gain valuable insights into the project’s security quality, empowering them to make informed decisions before engaging. Additionally, the initiative is launched to address the pressing need to safeguard against potential threats posed by attackers seeking to exploit code vulnerabilities, private key thefts, and social engineering tactics.

The development of the Rekt Test was carried out by a team of web3 security experts, comprising notable individuals such as Mitchell Amador, Immunefi’s founder and CEO; Dan Guido, co-founder and CEO of Trail of Bits.

Additionally, Lee Mount, head of EulerSwap at Euler Finance; Shahar Madar, head of security products at Fireblocks; and representatives from Ribbit Capital played vital roles in its creation. The project also benefits from collaboration with Fireblocks and Ribbit Capital.

“The Rekt Test is a crucial standard for ensuring that web3 projects are operating at a minimum baseline of security performance,” said Mitchell Amador, underscoring the importance of proactive security measures in preventing unnecessary losses caused by private key thefts and social engineering.

Immunefi recently released a report stating that over $3.9 billion was lost to hacks and scams in the Web3 ecosystem last year. The report also highlighted that the Web3 space was valued at over $934 billion in 2022. This in particular attracted hackers, who found it lucrative to exploit various protocols.