Blockchain gaming platform The Sandbox has pledged to repay eligible SAND holders 1:1 after an Aug. 21 bridge exploit drained 14.744 SAND, price about $700,000, from an Ethereum vault.
On Thursday, the corporate printed a autopsy, saying customers who legitimately held bridged SAND on Base or BNB Sensible Chain earlier than the assault will obtain an equal quantity of Ethereum-based SAND. Compensation will come from The Sandbox treasury, with no new tokens minted.
The claims course of is anticipated to open inside two weeks and stay open for one more two weeks. Two centralized exchanges maintain greater than 72% of eligible balances and can distribute compensation on to their affected prospects, in response to The Sandbox.
The mission stated the attacker exploited a configuration flaw in SAND’s Base and BNB Chain contracts, permitting them to turn into the only real verifier of incoming bridge messages and mint unbacked tokens. The Sandbox confirmed that about 14.7 million SAND tokens had been drained, equal to about 0.5% of the token’s 3 billion most provide.
Though greater than 339 trillion unbacked SAND was minted on the 2 networks, these tokens have been remoted and can’t be bridged or redeemed. SAND on Ethereum and Polygon was unaffected.
The compromised bridge contracts will likely be completely retired. The Sandbox stated any future Base or BNB Chain bridges would use newly deployed contracts.
SAND traded at about $0.04 on the time of publication, down 10.4% over the earlier seven days, in accordance to CoinGecko.
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