Immunefi, the bug bounty security platform, has partnered with cybersecurity firm Trail of Bits and various blockchain organizations, including Polygon Labs and Solana Foundation, to introduce "The Rekt Test," a new security standard for web3. This test comprises a series of questions that web3 projects can use to meet essential security criteria, offering users and investors a way to assess a project's quality before deciding to participate.
The Rekt Test includes seven security evaluations, covering areas such as system documentation, roles assessments, key management, access control, incident response, crisis management, team and personnel security, code security and testing, external audits, vulnerability management, and attack mitigation and user protection.
According to Immunefi, the existing web3 security landscape is immature and insufficient. Their recent report highlighted that web3 experienced losses of over $3.9 billion due to hacks and scams in the previous year alone. Given the large amount of capital in the web3 ecosystem, attackers are incentivized to exploit vulnerabilities, including code weaknesses, private key thefts, and social engineering tactics. Therefore, Immunefi has emphasized the need to establish security standards to protect web3 projects.
Immunefi, a dominant player in the Web3 bug bounty market, currently collaborates with over 300 projects and protects over $25 billion of users' assets. The organization also provides a significant award pool of $130 million exclusively for bug bounties.
Since its inception in 2020, Immunefi has awarded over $65 million in prize money and has partnered with several high-profile blockchain organizations, including Chainlink, Wormhole, MakerDAO, Compound, Synthetix, Polygon, and ApeCoin DAO, to run bug-hunting programs. In 2022 alone, Immunefi awarded $52 million to white hat hackers for identifying vulnerabilities in various blockchain projects. The highest bounty was a staggering $10 million, awarded for detecting a protocol vulnerability in the cross-chain Wormhole.
With the introduction of "The Rekt Test," Immunefi aims to further fortify the web3 ecosystem by identifying and mitigating potential vulnerabilities.
