Breaking
Sandbox Halts SAND Cross-Chain Transfers on Base, BNB Smart Chain After Bridge Flaw
Summary
- The Sandbox said it had identified a SAND token cross-chain bridge vulnerability and suspended token transfer functionality on Base and BNB Smart Chain (BSC).
- The company said the amount of affected tokens was less than 0.01% of total SAND supply, and that SAND on Ethereum and Polygon as well as user wallets were unaffected.
- The Sandbox urged users to refrain from buying, selling or trading SAND on Base and BSC, and said it was preparing a compensation plan for affected liquidity providers (LPs) and would release an incident report and technical analysis.
The Sandbox halted SAND token transfers on Base and BNB Smart Chain after identifying a vulnerability in its cross-chain bridge.
Crypto media outlet BlockBeats reported on Aug. 22 that The Sandbox had confirmed the impact of the recently identified SAND cross-chain bridge flaw and said the situation was under control.
The affected tokens account for less than 0.01% of total SAND supply, according to The Sandbox. SAND on Ethereum and Polygon was not affected, and there were no signs that user wallets had been compromised.
The attacker exploited the vulnerability to mint unbacked SAND on Base and BNB Smart Chain. The Sandbox then suspended SAND cross-chain functionality on both networks. SAND on Base and BNB Smart Chain currently cannot be moved or swapped.
The Sandbox urged users not to buy, sell or trade SAND on Base and BNB Smart Chain, saying liquidity on the two networks had been affected.
The team secured a snapshot from before the incident and is preparing a compensation plan for affected liquidity providers, or LPs. It plans to further investigate the scope of the vulnerability before releasing an incident report and technical analysis.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.