What is Rekt
The term rekt derives from the word "wrecked." In general, rekt is a slang used to define something that got completely destroyed or a person that experienced a catastrophic failure.
Rekt is a phonetic spelling of wrecked. It's first recorded around 2010–15. The oldest use of the slang is perhaps the one originally found in British English, where rekt was used when referring to a person that got too drunk or messed up.
In the world of crypto, rekt is used to describe a severe financial loss, caused by a bad trade or investment.
For instance, let us suppose Alice is trading on margin and opens a big leveraged long position. If the market goes down and she gets liquidated, we may say "Alice got rekt." So, rekt can used to describe someone that got liquidated after losing a high-leveraged trade.
The slang may also describe an asset that lost too much of its value or a market that dropped significantly (e.g., "this coin is rekt," or "the market is rekt").
Another example, imagine that Wayne made a heavy investment on a token (suppose is PRT from Parrot protocol) through an IDO, But when PRT finally hit the market, the price were much lower than public sale price that Wayne paid during the sale, in such a scenario, we may say that the token got rekt, which resulted in Wayne and other holders getting rekt as well.
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