Sandbox Repays Victims of Massive SAND Heist

The Sandbox is taking steps to address a security exploit that occurred on August 21. According to an announcement from The Sandbox, users who were affected by the incident will be compensated 1:1 for their losses.

The attack resulted in roughly $697,000 worth of SAND being stolen from Base and BSC, two of the chains where the token is bridged. The exploit allowed attackers to mint fake tokens, sell them for ether, and then use the reverse-bridge function to withdraw real SAND from the Ethereum vault.

The Sandbox has stated that it will open a two-week claim window within two weeks of August 27, during which affected users can submit their claims. The compensation will be paid out in Ethereum-based SAND, with only holders of bridged SAND on Base and BSC at the time of the breach eligible for reimbursement.

The company has also noted that the bridge is currently closed, and any attempt to reopen it would not be safe due to the way the affected contracts are configured.