Sandbox Suffers $718M Token Minting Exploit Amid Growing Crypto Security Concerns

The Sandbox gaming project suffered a significant security breach after an attacker exploited its cross-chain bridge, resulting in the minting of 14.9 billion unbacked SAND tokens on Base and BNB Smart Chain.

According to security firm PeckShield, the attack allowed the hacker to gain administrative permissions for minting SAND, leading to a loss of approximately $718 million.

The team behind The Sandbox downplayed the impact, stating that it was isolated to the Base and BSC chains and represented less than 0.01% of the total SAND token supply.

The affected liquidity providers (LPs) due to the illegal SAND mint will be compensated after further review.