SAND, the native token of The Sandbox ecosystem, faced heavy selling pressure following claims of a potential unlimited token minting vulnerability. Initial reports suggest that an attacker g
SAND, the native token of The Sandbox ecosystem, faced heavy selling pressure following claims of a potential unlimited token minting vulnerability. Initial reports suggest that an attacker gained access to SAND minting capabilities and could create any number of new tokens. However, the vulnerability and the extent of the attack have not yet been officially confirmed by The Sandbox team.
According to claims circulating on social media and accounts tracking online activity, over 500 million new SAND tokens were created using a security vulnerability. If these claims are true, this represents an extremely serious security breach that could directly impact the token supply.
Market activity increased significantly following the allegations. The SAND price fell by approximately 5.5% in a short time, while open interest (OI) in futures reportedly increased by about 16% within an hour. Trading volume also reached approximately 24 times normal levels, indicating high participation in the price movement.
A graph showing the fluctuations in the SAND price. However, the sharp turn in funding rates into negative territory indicates a significant accumulation of short positions in the market.
*This is not investment advice.
Continue Reading: BREAKING: An Altcoin Is Allegedly Hacked, and Attackers Are Said to Be Able to Mint an Unlimited Number of Tokens
