Hacken and Cointelegraph Join Forces

Hacken, a leading blockchain security auditor founded in 2017, has partnered with Cointelegraph Accelerator to serve as its technical due diligence partner. This collaboration comes at a crucial time when the Web3 industry is grappling with significant security challenges. In 2023 alone, the industry saw losses of $1.9 billion due to scams and hacks. The first quarter of 2024 has already witnessed losses amounting to $824 million, projecting an annual loss of over $3 billion.

The Importance of Security in Web3

The decentralized nature of Web3 offers transformative benefits but also brings considerable security risks. Addressing these issues is critical to making Web3 a safer environment. Robust security measures, stakeholder collaboration, and user education are essential to reversing this trend. As part of this partnership, Hacken's experts will conduct comprehensive technical due diligence on projects applying for Cointelegraph Accelerator. This will cover aspects such as technical documentation quality, security measures, code quality, and overall project technical health.

Comprehensive Technical Due Diligence

After a thorough assessment, Hacken will provide deep-level research papers to Cointelegraph Accelerator. These papers will aid in well-informed technical evaluations of program applicants. This partnership ensures that only reliable and robust technologies are utilized within the Web3 space. Cointelegraph Accelerator participants will also benefit from receiving preferential terms on audit and other technical services provided by Hacken.

Leadership Perspectives

Dyma Budorin, Co-Founder and CEO of Hacken, stated: "In Web3, the focus shifts from trust to due diligence, which forms the backbone of a transparent crypto space. Ensuring that only reliable and robust technologies are utilized is essential. Cointelegraph Accelerator is designed to give a powerful push to startups, and it is crucial to ensure that only the best projects get this opportunity. Hacken's experts will contribute their deep experience in Web3 to help the Cointelegraph Accelerator team make fact-based decisions regarding their participants."

Paul Solntsev, Head of Cointelegraph Accelerator, added: "At Cointelegraph Accelerator, we are committed to nurturing innovation in the Web3 space, and partnering with Hacken allows us to ensure that the projects we support are technically secure and reliable. Hacken's expertise in blockchain security is very valuable to our mission of fostering a more transparent and secure Web3 ecosystem."