Polygon Solana Foundation and Others Launching “The Rekt Test” – a Setting Security Standard for Web3

• The test comprises a series of questions to assist web3 projects in meeting essential security criteria.
• According to Immunefi, the current state of web3 security remains immature and inadequate. 

Immunefi, the bug bounty security platform, is teaming up with cybersecurity firm Trail of Bits to introduce “The Rekt Test,” a foundational security standard for web3. This test comprises a series of questions to assist web3 projects in meeting essential security criteria. By following this standard, users, and investors can assess a project’s quality more effectively before deciding to get involved, as stated in the announcement.

Opportunities for Enhancing Web3 Security

The Rekt Test encompasses seven security evaluations, including system documentation and roles assessments, key management and access control, incident response and crisis management, team and personnel security, code security and testing, external audits, vulnerability management, and attack mitigation and user protection.

The Test is a joint undertaking involving several organizations, including Immunefi, Polygon Labs, Solana Foundation, Fireblocks, DeFi Education Fund, and Ribbit Capital. The team of web3 security experts participating in this effort comprises individuals like Dan Guido, co-founder and CEO of Trail of Bits; Mitchell Amador, founder, and CEO of Immunefi; Lee Mount, heading EulerSwap at Euler Finance; Shahar Madar, responsible for security products at Fireblocks, as well as representatives from Ribbit Capital.

According to Immunefi, the current state of web3 security remains immature and inadequate. They cited their recent report, which revealed that web3 suffered losses of over $3.9 billion due to hacks and scams in the previous year. Given the substantial amount of capital in the web3 ecosystem, attackers are incentivized to exploit vulnerabilities in projects, including code weaknesses, private key thefts, and social engineering tactics. In light of this, Immunefi emphasized the importance of establishing security standards to safeguard web3 projects.

Over the past year, cryptocurrency hacks resulted in losses of at least 3 billion USD, marking 2022 as a record-breaking year for the total value of cryptocurrency attack losses.

According to a report by Coin68, during the first half of 2023 alone, approximately 656 million USD worth of cryptocurrency was stolen through various methods, including hacks, impersonation attacks, and rug pulls. Hackers are becoming more adept at employing sophisticated tactics to exploit vulnerabilities in DeFi applications. 

Immunefi currently holds a dominant position in the Web3 bug bounty market. The organization boasts over 300 collaborative projects under its protection, safeguarding over 25 billion USD of users’ assets, with a substantial award pool of 130 million USD available exclusively for bug bounties.

Immunefi is the leading bug bounty platform for web3 with the world’s largest bounties.

We have $130 million in rewards available.

We’ve paid out more than $70m in bug bounties.

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— Immunefi (@immunefi) February 28, 2023

Immunefi’s Impactful Contributions

Since its establishment in 2020, Immunefi has granted over $65 million in prize money. The organization has forged partnerships with prominent entities such as Chainlink, Wormhole, MakerDAO, Compound, Synthetix, Polygon, and ApeCoin DAO to execute bug-hunting programs. In September 2022, Immunefi raised $24 million in a Series A funding round led by Framework Ventures.

In 2022 alone, Immunefi rewarded white hat hackers $52 million for identifying vulnerabilities in various blockchain projects. Among the notable bounties, the highest bonus was an astounding $10 million, awarded for detecting a protocol vulnerability in the cross-chain Wormhole. This single reward surpasses the $8.7 million spent by Google’s bug bounty programs throughout 2021. Additionally, Immunefi granted another substantial bounty of $6 million for a critical vulnerability discovered in Aurora Labs.

The existence of bug-hunting organizations like Immunefi provides ethical hackers with the opportunity to earn income by identifying vulnerabilities with positive intentions.

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