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SAND SAND, a native token of The Sandbox ecosystem, encountered heavy selling pressure after news of a possible unlimited token mining loophole. Preliminary reports indicate that the attacker gained minting rights to SAND and was able to create any number of new tokens. However, the specific extent of the vulnerability and attack has not been officially confirmed by The Sandbox team.
According to rumors on social media and accounts that track activity on the chain, attackers used security flaws to generate more than 500 million new SAND tokens. If these claims are true, this will be an extremely serious security incident that may directly affect the supply of tokens.
Market trading volume increased significantly after the relevant allegations emerged. SAND prices fell by about 5.5% in a short period of time, while futures open interest (OI) reportedly increased by about 16% in an hour. Trading volume also reached about 24 times the normal level, indicating that a large amount of funds participated in this price fluctuation.
Chart showing SAND price fluctuations
However, the funding rate turned sharply negative, indicating a large accumulation of short positions in the market.
* This article does not constitute investment advice.
