Midnight (NIGHT) token slid to a record low of $0.01524 after an attacker drained roughly 515 million tokens from Wanchains Cardano (ADA) bridge.
The stolen tokens reportedly represented about 97% of the bridges NIGHT reserves. Wanchain has since suspended the bridge while it investigates the breach.
Inside the Wanchain Bridge Drain
According to analyst Paul, the attacker emptied Wanchains Cardano-side lock address between 14:46 and 14:55 UTC. That address holds the custody backing Wanchain-wrapped NIGHT on BNB Chain.
Only NIGHT left the contract. Other bridged assets stayed untouched, according to the on-chain analyst. Reserves fell from about 527 million NIGHT to near 12 million. The move stripped roughly 97% of the bridges holdings.
“This is a bridge-layer incident, token supply is unchanged. The wrapped NIGHT on BNB is now largely unbacked though,” the post read.
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Token Dumped as Midnight Distances Itself
The attacker routed funds through newly created wallets and sold them on Cardano-based exchanges. About 290 million NIGHT hit decentralized exchanges (DEXs), pushing prices down.
The impact was clearly visible. At press time, NIGHT traded around $0.019, down about 27% on the day.
Midnight (NIGHT) Token Price Performance. Source: BeInCrypto Markets
Meanwhile, the Midnight Foundation said the incident did not impact its network. It stressed that core infrastructure continued to run normally.
“Midnights protocol, validator network, consensus, and core infrastructure remain secure and continue to operate normally,” the team said.
The attack landed shortly after Allbridge Core lost $1.65 million, continuing the string of attacks on crypto infrastructure this year.
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The post Wanchain Bridge Breach Sends Midnight Token to All-Time Low appeared first on BeInCrypto.