The team behind the metaverse project The Sandbox has announced a full 1:1 compensation for SAND holders who legitimately owned tokens on the Base or BNB Chain networks prior to the attack on August 21. The hacker managed to steal approximately 14.7 million SAND, valued at around $700,000, which is about 0.5% of the total supply of 3 billion tokens.
Compensation will be issued in the Ethereum version of SAND from the project's treasury without any additional issuance. This compensation program will cover over 72% of the affected balances. The application process for claims is expected to open within two weeks, during which time the compromised bridge contracts for Base and BNB Chain will be permanently disabled. Users holding SAND on the Ethereum and Polygon networks were not impacted by this incident.