Polygon Labs, Solana Foundation and other players in the Web3 world are about to launch a crypto experiment, known as the “Rekt Test” aimed at serving as a security standard for emerging projects.
The test will serve to decrease the frequency of unpleasant incidents that occur in the blockchain landscape such as hacks, exploits or crypto scams.
See all the details below.
Summary
Solana and Polygon crypto projects on the verge of launching Web3 experiment “Rekt Test”
Famous Bug Bounty platform ImmuneFi, alongside the well-known teams of crypto projects Solana and Polygon, are launching “Rekt Test“, which will be the baseline security standard for the Web3 world in the coming years
Given the numerous cyber incidents that occur in DeFi every year, an experiment has been proposed that can mitigate risks to users by making the operation of decentralized protocols transparent.
Going specific, the “Rekt Test” will cover 7 basic requirements that will be submitted to each new emerging project.
These include:
- system documentation and roles;
- key management and access control;
- incident response and crisis management;
- team and staff security;
- code security and testing; external audits and vulnerability management;
- attack mitigation;
- user protection.
Those who join this initiative must answer simple questions formulated in advance by ImmuneFi, Polygon and Solana, with which a final evaluation of the Web3 platform in question will be obtained.
The ultimate goal is to provide the end user with a result on the quality of the code and the experience of the team you are trusting and delegating your digital assets to.
This is a highly innovative solution that goes in the direction of making the decentralized world a safer place for everyone.
The main challenge of the “Rekt Test” will be to create a really good standard that can be taken seriously as an example, without monopolizing the cybersecurity market around simple assumptions.
Solana and Polygon will not be the only Web3 entities participating in the experiment in collaboration with Immunefi: key players involved in the conception, formulation, and management of the test include key representatives from Fireblocks, DeFi Education Fund, RIbbit Capital, Trail of Bits, and EulerSwap.
Cyber hacks and thefts of 2022: Immunefi’s study
The launch of the “Rek Test,” accompanied by the presence of well-known crypto projects Solana and Polygon, represents Immunefi’s solution against the problem of the current immaturity of the web3 sector, highlighted in a report by the Bug Bounty firm called “Crypto Losses in 2022“
Over the past year, various hacks, exploits and incidents caused web3 users to lose $3.9 billion, demonstrating a system that is still of poor quality on the cybersecurity front.Â
The figure is over 50% lower than that for 2021, in which $8 billion evaporated, but there is still a long way to go to reach “acceptable” figures
Immunefi’s report showed that out of 168 verified cases in which capital was lost by web3 protocols, 36.1% occurred on the BNB Chain with a number of 65 incidents, followed by Ethereum with 27.2%.
Very interesting to note is also that most of the stolen assets, about 3.77 billion, were lost during only 34 incidents.
Of these, the largest and most iconic is definitely the FTX hack, which several companies (such as Arkham Intelligence) are still trying to investigate further to see what happened.
Next we find the hacks on the Ronin Network, BNB Chain, and the incidents on the Wormhole and Nomad bridges.
It is worth noting that the term “hack” is very recurrent in this context, covering 95.6% of all incidents in which cryptographic assets were lost to users.
The remaining 4.4% are scams such as code manipulation by a project team itself, organized exploits, etc.
In 2022, decentralized platforms were the favorite stage for hackers, who set in motion about 81.2% of organized attacks, compared to 18.8% that occurred on CeFi platforms.
Also noteworthy is how the various web3 projects managed to recover $204 million from all incidents last year, which represents 5.2% of the total number.
In the wake of the study’s findings, the CEO of Immunefi Mitchell Amador commented with these words on the launch of the web3 experiment of the Rekt Test, in collaboration with Polygon and Solana:
“The Rekt Test is a crucial standard for ensuring that web3 projects are operating at a minimum baseline of security performance.
We see devastating, unnecessary losses caused by private key thefts and social engineering alone that can be mitigated by having an established and proactive approach to security requirements.”
