Sandbox pledges $700K SAND repayment

• The Sandbox plans to repay eligible users after an August 21 bridge exploit drained about US$700,000 in SAND.
• Eligible holders on Base and BNB Chain will receive SAND from The Sandbox treasury.
• Claims are expected to open within two weeks and remain open for another two weeks.

The Sandbox will repay eligible SAND holders after a bridge exploit drained 14.744 million SAND, worth about US$700,000.

The attack affected users holding bridged SAND on Base and BNB Smart Chain before the August 21 exploit.

The Sandbox said eligible users will receive an equal amount of Ethereum-based SAND from its treasury.

The attacker exploited a configuration flaw that allowed the compromised contracts to verify bridge messages and mint unbacked tokens.

More than 339 trillion unbacked SAND was minted, but those tokens have been isolated and cannot be bridged or redeemed.

The Sandbox said the affected bridge contracts will be permanently retired, with new contracts planned for future bridges.

SAND (CRYPTO:SAND) traded at about US$0.04 when Cointelegraph published the report, down 10.4% over seven days.