Immunefi, Trail of Bits, Solana Foundation and others are launching The Rekt Test

Immunefi, Trail of Bits, Solana Foundation, and other prominent players in the web3 ecosystem have joined forces to address a critical issue plaguing the industry – the lack of a robust security standard. This collaborative effort has resulted in the creation of “The Rekt Test,” a comprehensive baseline security standard designed to enhance the security performance of web3 projects.

The Rekt Test is primarily a short questionnaire intended for web3 projects, but it can be used by anyone interested in evaluating the security of projects. Its purpose is to establish a minimum level of security performance that web3 projects should adhere to, ensuring a safer environment for users and investors alike.

The need for such a standardized security baseline arose due to the immaturity and poor quality of web3 security practices despite the significant amounts of capital flowing into the ecosystem. Over the years, billions of dollars have been lost due to various security breaches, including private key thefts, social engineering attacks, lack of documentation, and inadequate security measures.

While much of the focus in security education has been on smart contract code flaws, it is crucial not to overlook the impact of private key thefts, which have been equally devastating. Without addressing these security gaps, the web3 ecosystem risks hindering the onboarding of the next billion users.

To tackle these challenges, the Rekt Test covers seven critical security requirements:

  1. System Documentation and Roles: This involves documenting all actors, their roles, and privileges within the project, as well as external services, contracts, and oracles the project relies on.
  2. Key Management and Access Control: The questionnaire focuses on implementing robust key management systems that involve multiple humans and physical steps, along with the use of hardware security keys for production systems.
  3. Incident Response and Crisis Management: Projects are required to have a written and tested incident response plan to handle crises effectively and minimize damage.
  4. Team and Personnel Security: Conducting background checks and positive identification of employees, especially those in crucial roles, helps maintain transparency and trust within the team.
  5. Code Security and Testing: Compiling code with the latest compiler, defining key invariants for the system, and testing them on every commit are essential practices for code security.
  6. External Audits and Vulnerability Management: The Rekt Test emphasizes the importance of external audits and implementing vulnerability disclosure programs or bug bounties.
  7. Attack Mitigation and User Protection: Projects must consider potential attack vectors by thinking like an attacker to identify and address potential vulnerabilities. They should also protect users from unintentional abuse within the system.

Implementing the Rekt Test requires project maintainers to engage in regular security meetings, addressing each question one by one to develop tailored security implementations. While security requirements may not always be intuitive, investing in a strong security foundation can save projects from potential disasters and safeguard users and investors alike.

The introduction of the Rekt Test comes as a critical step forward in enhancing the overall security posture of the web3 ecosystem. By adhering to this baseline security standard, web3 projects can reduce the risks associated with security breaches, protect user funds and data, and build a more resilient and trustworthy ecosystem that can pave the way for mass adoption of decentralized technologies.

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