The NIGHT token tied to Cardano’s privacy Midnight network plunged over 43% today reaching a new low at $0.01524 🌑 Speculation swirled that the chain got hacked triggering the drop yet the Midnight Foundation revealed it stemmed from roughly 2% of supply shifting from an old Wanchain bridge contract.
Foundation Clears Hack Rumors 🕯️
On-chain researcher Paul spotted the move first noting that between 14:46 and 14:55 UTC Monday some 515 million NIGHT left the Wanchain Cardano bridge lock while Mynth XER and WMT stayed untouched https://x.com/cwpaulm/status/2079297590248579146?s=20 Around 290 million sold across DEXes crashing the price another 200 million went to a fresh wallet leaving a big overhang yet total supply never changed.
Network Stays Fully Operational 🖤
The Midnight Foundation posted soon after confirming nothing pointed to a Midnight issue only a bridge glitch https://x.com/midnightfdn/status/2079306216564539796?s=20 urging everyone to stick to official channels and dodge phishing scams A follow-up statement stressed protocol validators consensus and core systems all ran normally https://x.com/midnightfdn/status/2079370237334413522?s=20
Before the plunge NIGHT traded at $0.026 then the 290 million dump sent it to the $0.01524 ATL It recovered over 28% from that low though still down 27% on the day and 34% lower than a week ago.
Bridge Risks Draw Fresh Scrutiny 🦇
Charles Hoskinson jumped in after an alert pinged his phone prompting an informal war room https://x.com/i/broadcasts/1nGeLLaNAYoKX?s=20 He noted Midnight contracts kept running the flaw sat in one Wanchain bridge component and the space must watch AI tools hunting exploits faster Bridges remain weak links relying on outside trust but zero-knowledge options trusted execution environments and multisigs could help.
Just another echo from the void by iconofsin.eth 💖
