Bug Bounty Platform Immunefi Launches “The Rekt Test” for Web3 Security
Bug bounty security platform Immunefi has partnered with cybersecurity firm Trails of Bits to launch “The Rekt Test,” a baseline security standard for web3. The test consists of a set of questions that guide web3 projects in ensuring they meet minimum security requirements. The results of the test allow users and investors to evaluate the quality of a project more easily. The test covers seven security assessments, including system documentation, key management, incident response, code security, external audits, and user protection. The Rekt Test is developed in collaboration with Polygon Labs, Solana Foundation, Fireblocks, DeFi Education Fund, and Ribbit Capital.
The State of Web3 Security
Immunefi highlights the immaturity and poor quality of web3 security, with over $3.9 billion lost to hacks and scams in the ecosystem last year. The large amount of capital in web3 attracts attackers, making security standards crucial. “The Rekt Test” aims to set a minimum baseline for web3 project security performance. Immunefi CEO Mitchell Amador emphasizes that private key thefts and social engineering can be mitigated with proactive security measures.
Hot Take
“The Rekt Test” is a significant step towards improving web3 security by establishing a minimum standard for projects. By adhering to these security requirements, web3 projects can mitigate the risk of hacks and scams, providing users and investors with more confidence. The collaboration with industry experts and organizations further strengthens the credibility of “The Rekt Test” and its effectiveness in evaluating project security. As web3 continues to grow, implementing robust security measures is crucial for the long-term sustainability and trust in the ecosystem.
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