SAND Exploit Floods Base Network with $49B in New Tokens

The Sandbox (SAND) has fallen victim to an exploit on its cross-chain OFT contract on the Base network, allowing attackers to carry out an 'infinite mint' attack.

According to Blockaid, attackers gained control of LayerZero delegate permissions linked to SAND's OFT system on Base and used 'approveAndCall' to bypass normal controls and create new SAND without backing.

The exploit has resulted in the creation of nearly $49 billion worth of SAND through over 400 transactions. However, this figure represents the market value of the newly created tokens, not actual stolen funds.

Bithumb and Upbit exchanges have suspended SAND deposits and withdrawals, while security firms like CertiK have flagged the incident as it continues to develop.