REKT is a commonly used internet slang, which is a phonetic spelling of the word ‘wrecked’. It means the same thing as the original word it is based upon, which means ‘to be completely destroyed or defeated’. In the world of cryptocurrencies, it is taken to mean total or significant financial loss.
While the term can change in meaning slightly depending on the context it is used in, in the crypto space, someone could be described as rekt when they make a dubious investment decision or transaction and incur a severe financial loss. Originally the term was used in the gaming community to refer to a player who had been embarrassingly or easily defeated in a game.
For example, if an altcoin highly valued during its IPO had a much lower price upon being traded on the open market, we could say the token was ‘rekt’, and, in-fact, any investor of the coin could also be ‘rekt’ due to a poor investment choice.