Midnight’s NIGHT Rebounds 19% as Hoskinson Urges ZK Bridge Overhaul

Midnight is a privacy-focused blockchain in the Cardano ecosystem, with NIGHT as its native token. The breach hit Wanchain’s third-party bridge linking Cardano and BNB Chain, rather than Midnight’s core protocol or validator network. The incident is significant because conventional bridges typically custody assets and depend on operators or signature schemes, creating concentrated security risks as tokens move between otherwise separate blockchains.

On July 20, an attacker exploited Wanchain’s cross-chain bridge and stole about 290 million NIGHT tokens, which were sold through decentralized exchanges. NIGHT plunged about 43% to a record low of $0.01524 before rebounding nearly 19% within 24 hours. Charles Hoskinson said the attack exposed weaknesses in outdated bridge architecture and urged the industry to adopt zero-knowledge proof systems that verify cross-chain activity cryptographically instead of relying on bridge operators or multisignature controls.