Cardano's NIGHT Token Hits Record Low After Major Selloff
290 million token dump pushes NIGHT to its all-time low price level.
1Historic Drop in NIGHT Token
NIGHT, the privacy-focused token of Cardano's Midnight network, plunged over 43% today to hit an all-time low of $0.01524. The price drop was triggered by the movement of approximately 2% of NIGHT's supply from an old contract linked to Wanchain's Cardano-BNB Chain bridge.
2Hack Rumors and Clarifications
While initial community speculation suggested a blockchain hack, the Midnight Foundation clarified that the issue stemmed from a cross-chain bridge problem, not the Midnight network itself. Researchers identified withdrawals of 515 million NIGHT tokens from the bridge address, with 290 million subsequently sold.
3Market Impact
The massive sell-off dragged NIGHT's price down from $0.026 to $0.01524. Although trading continues, the token remains 27% down over 24 hours and has erased all weekly gains. Investors are advised to follow official updates closely.
4Cardano Founder's Comments
Cardano co-founder Charles Hoskinson revealed their automated alert system detected the abnormal price movement. He emphasized that bridge infrastructure remains crypto's weakest link and called for better industry preparedness against AI-powered attacks.
5Bridge Security Concerns
The incident reignited debates about blockchain bridge vulnerabilities. Experts suggest solutions like multi-signature systems and zero-knowledge proof technology could mitigate risks, but concerns grow about AI's ability to exploit security flaws.
6Wake-up Call for the Industry
This event underscores the critical importance of bridge security in crypto. With warnings about DeFi platforms' vulnerability to AI-powered attacks, investors need to exercise greater caution in risk management practices.
Original article: CryptoPotato — Cardano'nun NIGHT Token'ı Rekor Düşüş Yaşadı