The Sandbox to reimburse SAND holders after 14.7M token bridge exploit

The Sandbox has pledged to reimburse eligible SAND holders 1:1 after an Aug. 21 bridge exploit drained about 14.7 million tokens worth roughly $700,000 from an Ethereum vault. Summary The Sandbox will repay eligible SAND holders 1:1 after an Aug. 21 bridge exploit drained about 14.7 million tokens worth $700,000. Compensation will come from The Sandbox treasury without minting new SAND, with claims expected to open within two weeks. The attacker exploited a configuration flaw in the Base and BNB Chain contracts to mint more than 339 trillion unbacked SAND. The compromised bridge contracts will be permanently retired, while SAND on Ethereum and Polygon was unaffected. According to The Sandbox’s Aug. 27 post-mortem, users who legitimately held bridged SAND on Base or BNB Smart Chain before the attack will receive an equivalent amount of Ethereum-based SAND. The project plans to cover the payments from its treasury without minting new tokens. Claims are expected to open within two weeks and remain available for another two weeks. Two centralized exchanges account for more than 72% of the eligible SAND balances, and The Sandbox said the exchanges will distribute replacement tokens dire...