Sandbox Compensates SAND Holders for Bridge Exploit Losses

The Sandbox metaverse project has announced plans to compensate users affected by a bridge exploit that occurred on August 21. The attacker made off with approximately 14.7 million SAND (~$700,000), representing about 0.5% of the maximum supply of 3 billion tokens.

Compensation will be provided in the Ethereum version of SAND from the project's treasury without any additional issuance. This means that affected users who held SAND on the Base or BNB Chain networks prior to the attack will receive a 1:1 exchange for their losses.

The compensation program is expected to cover over 72% of affected balances, and applications are set to open within two weeks. The compromised bridge contracts for Base and BNB Chain will be permanently decommissioned in the same timeframe.