Cardano's NIGHT token fell 43% to an all-time low of $0.01524 following a 290M token withdrawal from a Wanchain bridge contract, highlighting bridge infrastructure vulnerabilities.
Tech & Launches ·
The NIGHT token, associated with Cardano's Midnight network, declined more than 43% to reach an all-time low of $0.01524 following a substantial withdrawal of 290 million tokens from a Wanchain bridge contract. On-chain analysis indicated that the token's total supply did not increase, suggesting the price movement stemmed from existing tokens entering the market rather than new issuance.
The Midnight Foundation stated that network infrastructure remained operational throughout the event and called on users to rely on official communications as investigations continued. The withdrawal itself was characterized as a withdrawal rather than a security breach, though it exposed questions about the stability of bridge mechanisms in the ecosystem.
Charles Hoskinson, a Cardano co-founder, used the incident to draw attention to weaknesses in cross-chain bridge infrastructure and called for stronger security standards across the industry. The precise circumstances triggering the token movement and whether any remedial steps have been taken remain unclear.