Midnight’s NIGHT token rebounds 19% after Wanchain bridge hack
Charles Hoskinson says the exploit, which briefly sent NIGHT to an all-time low, underscores why the industry needs to move beyond legacy bridge infrastructure.
By Oliver Knight|Edited by Jamie Crawley
Jul 22, 2026, 11:45 a.m.
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Summary
Midnight’s NIGHT token staged a sharp recovery after crashing to an all-time low following a bridge exploit earlier this week, with Charles Hoskinson using the incident to make a broader case for rethinking crypto security from the ground up.
NIGHT fell roughly 43% after 290 million tokens were stolen and dumped through a legacy Wanchain bridge on the Binance-Cardano corridor. The token has since bounced nearly 19% in 24 hours, trading around $0.022. Hoskinson pushed back at coverage that focused only on the crash. “Magically, they forget to mention the rebound,” he posted on X.
Hoskinson described the hack as a “case of the Mondays” in an interview with CoinDesk but did acknowledge its seriousness in the broader context.
“All software is under this enormous assault,” he said, pointing to a surge in Linux kernel vulnerabilities he attributed to AI-powered exploit discovery. He was direct about the limits of even well-built systems: “That’s like being 90% resistant to a deadly disease. If you’re exposed to it enough, eventually you still catch the disease.”
Bridge hacks have been one of crypto’s most persistent and costly attack vectors for years. Billions of dollars have been drained through cross-chain bridge exploits, including the Ronin, Wormhole and Nomad attacks, which collectively lost over $1.5 billion. The attacks typically target the smart contracts or multisig setups that facilitate token transfers between chains.
Hoskinson said zero-knowledge systems like Midnight are designed to eliminate that trust dependency entirely, replacing bridge operators and multisigs with cryptographic proofs.
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In Q2; TRON’s stablecoin dominance rose to 28.7%, USDT supply on TRON hit $89B ATH, $89M in protocol fees (2nd to Hyperliquid), TRX +3%, and deepening institutional & agentic reach.
23 hours ago
In Q2; TRON’s stablecoin dominance rose to 28.7%, USDT supply on TRON hit $89B ATH, $89M in protocol fees (2nd to Hyperliquid), TRX +3%, and deepening institutional & agentic reach.
Why it matters:
In Q2; TRON’s stablecoin dominance rose to 28.7%, USDT supply on TRON hit $89B ATH, $89M in protocol fees (2nd to Hyperliquid), TRX +3%, and deepening institutional & agentic reach.