Immunefi, Trails of Bits Unveil Groundbreaking Rekt Test To Enhance Web3 Security

Key Points:

• Immunefi and Trails of Bits launch “Rekt Test” for Web3 security standards.
• The test covers seven key security assessments to prevent losses from hacking.
• Immunefi’s bug bounty platform dominates Web3 security, with over $65 million awarded to hackers.

Immunefi, a leading bug bounty platform, has joined forces with cybersecurity company Trails of Bits to introduce “Rekt Test,” a groundbreaking security assessment designed to set the basic security standard for Web3 projects. This collaborative effort aims to strengthen the security landscape within the Web3 ecosystem, which has been grappling with immature and inadequate security practices.

The “Rekt Test” serves as a comprehensive questionnaire, guiding Web3 projects through seven critical security assessments. These assessments encompass system documentation and roles, key management and access control, incident response and crisis management, team and personnel security, code security and testing, external audits, and vulnerability management, as well as attack mitigation and user protection. By adhering to these requirements, projects can attain a minimum level of security that allows users and investors to make informed decisions before participating in a project.

Immunefi emphasized the importance of bolstering Web3 security, as billions of dollars have been lost due to private key thefts, social engineering, inadequate documentation, lack of security roles, and other vulnerabilities. With the growing prevalence of hacks, phishing attacks, and rug pulls, hackers have increasingly leveraged sophisticated tactics to exploit weaknesses in DeFi applications. As reported, in the first half of 2023 alone, approximately $656 million worth of cryptocurrencies were stolen, and only 45% of this amount was successfully recovered by affected projects, compared to a mere 8% recovery rate in 2022.

To address these security concerns, Immunefi’s “Rekt Test” project has garnered significant support from prominent names in the Web3 space. The initiative has received collaboration from Polygon Labs, Solana Foundation, Fireblocks, DeFi Education Fund, and Ribbit Capital. Moreover, the test was developed by a team of seasoned Web3 security experts, including Mitchell Amador (Founder and CEO of Immunefi), Dan Guido (Founder and CEO of Trail of Bits), Lee Mount (Head of EulerSwap platform at Euler Finance), and Shahar Madar (Head of security products at Fireblocks and Ribbit Capital representative).

Immunefi’s leadership in the bug bounty market for Web3 projects has been undisputed. The platform boasts over 300 collaborative projects, safeguarding more than $25 billion in user funds, with an exclusive $130 million allocated for rewards. Since its establishment in 2020, Immunefi has granted more than $65 million in prize money to white hat hackers, fostering a strong partnership with prominent projects such as Chainlink, Wormhole, MakerDAO, Compound, Synthetix, Polygon, and ApeCoin DAO through bug-hunting programs.

The bug bounty platform’s significant contributions to the security landscape are evident through the generous bounties it offers for identifying vulnerabilities. The largest reward to date was an impressive $10 million, awarded for uncovering a protocol vulnerability within the Wormhole cross-chain. Notably, this single reward surpasses the total amount spent by Google’s bug bounty programs in 2021, which amounted to $8.7 million. Additionally, Immunefi provided a substantial $6 million bounty for the discovery of a critical vulnerability in Aurora Labs.

Moreover, Immunefi has recently been leveraging AI-generated web3 security reports since the launch of OpenAI’s ChatGPT tool in November, signaling their commitment to staying at the forefront of technological advancements in the security space.

With the introduction of the “Rekt Test” and its robust bug bounty programs, Immunefi and Trails of Bits aim to foster a more secure and resilient Web3 ecosystem, protecting the interests of users, investors, and projects alike in the fast-evolving world of decentralized finance. As the Web3 space continues to expand, such initiatives are pivotal in mitigating potential risks and building confidence in this revolutionary digital landscape.

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