The Sandbox’s $49 Billion Phantom Mint: How a Bridge Exploit Created Unbacked SAND Tokens
6 Articles
6 Articles
Upbit, Bithumb place SAND under caution after bridge exploit
South Korean crypto exchanges Upbit and Bithumb have designated The Sandbox’s SAND token as an investment caution asset after security concerns linked to the project remained unresolved following a cross-chain bridge incident. According to Upbit’s Aug. 24 announcement, the exchange…
The project of metavers The Sandbox has just faced a critical security flaw during the weekend, having led to the emission of several billion tokens SAND unsecured on the Base and BSC blockchains. We're looking at the state of play... Read more The Sandbox attack: a flaw allows the emission of unsecured tokens SAND appeared first on Cryptoast.
Sandbox Bridge Exploit Mints 14.9B Unbacked SAND Tokens
The Sandbox has contained a cross-chain bridge security breach that allowed attackers to mint enormous quantities of unbacked SAND on Base and BNB Smart Chain, prompting major cryptocurrency exchanges to restrict transfers while investigators assessed the damage. Initial on-chain alerts on August 22 showed more than 500 million SAND had been created without corresponding collateral. The number rapidly increased as the attacker continued interact…
The Sandbox Bridge Was Exploited, Creating More SAND Than Was Ever Supposed to Exist...
The Sandbox has contained a cross-chain bridge exploit that allowed an attacker to create unbacked SAND tokens on Base and BNB Smart Chain, producing one of those crypto headlines that sounds physically impossible at first glance: security researchers counted billions of newly minted SAND, with one estimate putting their nominal value near $49 billion. No, an attacker did not steal $49 billion from The Sandbox. There was never $49 billion of rea…
The Sandbox has contained a failure on its bridge that coined 49 billion SAND tokens without backup at Base and BNB Smart Chain. The project has disabled connections and asks not to operate with those versions of the token. A blockchain bridge allows you to represent an asset on a network other than the one where it is blocked. It works a bit like a traveler’s check: you leave the original currency guarded on one side and receive an equivalent r…
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