Midnight Token Hits Record Low After Wanchain Bridge Attack

The Midnight token recently dropped to a record low of $0.01524 following a massive security breach on Wanchain. An attacker managed to drain 515 million tokens from the Cardano to BNB Chain bridge, which accounts for approximately 97 percent of the bridge reserves. Wanchain officials quickly suspended the bridge to investigate how the funds were taken.

Analysts noted that the attacker specifically targeted the lock address on the Cardano side, which held the custody backing for wrapped NIGHT tokens on the BNB Chain. While the total token supply remains the same, the wrapped assets on the BNB Chain are now largely unbacked. The thief moved quickly to sell about 290 million tokens on decentralized exchanges, which caused the price to crash.

Despite the chaos, the Midnight Foundation clarified that its own network is safe. The team confirmed that the protocol, validators, and core infrastructure are running as intended and were not part of the security failure. This incident serves as another warning for traders about the risks associated with cross chain bridges in the current market.