According to Huoxing Finance, blockchain gaming platform The Sandbox has announced that it will provide a 1:1 reimbursement to users who held bridged SAND on Base or BNB Smart Chain prior to the bridge vulnerability exploit. The compensation will be issued using Ethereum-based SAND from the project treasury, without minting new tokens. The attack resulted in the theft of approximately 14.744 million SAND from the Ethereum treasury, valued at around $700,000. The claims process is expected to open within two weeks and will remain active for two weeks; over 72% of eligible balances held on centralized exchanges will be directly distributed to affected users. The Sandbox stated that the attacker exploited a configuration vulnerability in the SAND contracts on Base and BNB Chain, becoming the sole validator of bridge messages and minting unbacked tokens. Additionally, over 339 trillion unbacked SAND tokens were minted on these two networks but have been isolated and cannot be transferred across chains or exchanged. SAND on Ethereum and Polygon remains unaffected, and the compromised bridge contracts will be permanently disabled.
The Sandbox to Reimburse 700K SAND Stolen in Bridge Exploit on a 1:1 Basis
MarsBitShare
Summary
The Sandbox announced a 1:1 reimbursement for SAND tokens stolen in a DeFi exploit targeting its cross-chain bridge. Approximately 14.744 million SAND—valued at $700,000—were stolen after an attacker exploited a contract vulnerability on Base and BNB Chain. Users who held bridged SAND on those chains prior to the incident will be eligible for compensation from the protocol’s ETH-based SAND reserves, without the issuance of new tokens. The claims window will open in two weeks and remain open for two weeks. Over 72% of affected balances are held on centralized exchanges, which will handle reimbursements directly. On-chain data shows that over 339 trillion unbacked SAND were also created but are isolated and non-transferable. The Ethereum and Polygon chains remain unaffected, and the compromised contracts will be permanently disabled.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.