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. Summary Upbit and Bithumb designated SAND as an investment caution asset over unresolved security concerns. The Sandbox said a bridge vulnerability allowed unbacked SAND to be minted on Base and BNB Smart Chain. Upbit will review SAND through late September and could remove, extend or escalate the warning. The Sandbox said Ethereum and Polygon SAND balances and user wallets were unaffected. According to Upbit’s Aug. 24 announcement, the exchange placed SAND under its trading caution framework after determining that an unexplained or unresolved security incident involving a virtual asset wallet or distributed ledger could expose users to potential losses. The designation applies to SAND’s Korean won and Bitcoin markets, while deposits and withdrawals have already been suspended since Aug. 22 at 11:12 a.m. KST. Trading remains available during the review period. Bithumb issued a separate designation at 3 p.m. KST on Aug. 24, citing confirmed security incidents ...