Hacken, a leading blockchain security auditor established in 2017, has announced a strategic partnership with Cointelegraph Accelerator to serve as its technical due diligence partner.

The decentralized nature of Web3 offers transformative benefits, but it also brings significant security challenges. In 2023 alone, the industry experienced losses amounting to $1.9 billion due to scams and hacks. In the first quarter of 2024, losses had already reached $824 million, projecting an annual loss exceeding $3 billion. Addressing these security issues is critical for creating a safer Web3 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 include evaluating the quality of technical documentation, security measures, code quality, and overall project technical health. After thorough assessments, Hacken will provide detailed research papers to Cointelegraph Accelerator, aiding in the informed technical evaluation of program applicants.

Participants in the Cointelegraph Accelerator will also benefit from preferential terms on audit and other technical services provided by Hacken. This added value will help ensure that only the most secure and reliable projects receive support and resources from the accelerator.

Dyma Budorin, Co-Founder and CEO of Hacken, emphasized the importance of due diligence in the Web3 space: “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, highlighted the significance of this partnership: "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."

This collaboration between Hacken and Cointelegraph Accelerator marks a significant step towards enhancing security and trust in the Web3 space, ensuring that emerging projects are equipped with robust technical foundations to succeed in a rapidly evolving digital landscape.