Sandbox Repays $700K After Bridge Exploit

The Sandbox has announced plans to repay eligible SAND holders after a bridge exploit drained $700,000 from an Ethereum vault. The attack, which occurred on August 21, involved 14.744 SAND tokens being stolen, worth about $700,000 at the time.

The company says it will provide a 1:1 repayment for users who held legitimate bridged SAND on Base or BNB Smart Chain before the attack. This means that affected users will receive an equal amount of Ethereum-based SAND from The Sandbox treasury.

The claims process is expected to open within two weeks and remain open for another two weeks. Two centralized exchanges hold more than 72% of eligible balances and will distribute compensation directly to their affected customers.