The price of Midnight (NIGHT) token dropped to an all-time low near $0.01524 following the theft of approximately 515 million tokens from Wanchain’s Cardano (ADA) bridge. This breach resulted in about 97% of the bridge's NIGHT token reserves being drained.
Details of the Breach
Analyst Paul reported that the attacker emptied the Cardano-side lock address of Wanchain between 14:46 and 14:55 UTC, which is responsible for holding the custody backing Wanchain-wrapped NIGHT tokens on the BNB Chain. The contract lost nearly all of its NIGHT tokens, falling from roughly 527 million to around 12 million tokens. Other bridged assets remained untouched during the incident, making this a bridge-layer exploit that left the wrapped NIGHT on BNB largely unbacked.
The attacker then funneled the stolen tokens through newly created wallets and offloaded about 290 million NIGHT tokens on decentralized exchanges based on Cardano, exerting significant downward pressure on the token’s price. By press time, NIGHT was trading at approximately $0.019, marking a 27% decline within the day.
The Midnight Foundation clarified that the hack did not affect its network operations. They confirmed that the protocol, validator network, consensus mechanism, and core infrastructure remained secure and functional throughout the event.
Following the breach, Wanchain has suspended the Cardano bridge to investigate the incident further.
This attack comes shortly after Allbridge Core suffered a $1.65 million loss, continuing a series of crypto infrastructure attacks this year.
Information presented is for reference and does not constitute financial advice.
