Midnight NIGHT token rebounds after Wanchain bridge exploit as Hoskinson urges zero-knowledge bridge redesign
first published 2026-07-22T11:45:42Z
Midnight's NIGHT token dropped about 43% to an all-time low after a Wanchain bridge exploit drained 290 million tokens, then recovered nearly 19% within 24 hours. Charles Hoskinson said the incident shows the risks of legacy bridge infrastructure and argued that zero-knowledge systems are the long-term solution to reduce trust in bridge operators and multisigs.
AI Analysis
The article reports a major bridge exploit that drained 290 million tokens and sent NIGHT to an all-time low, which is materially negative. The later 19% rebound and Hoskinson's ZK comments add context, but the concrete security breach is the main market-moving fact.
Expected Investor Sentiment: Neutral
Potential Market Impact: Significant
