Midnight token rebounds 19% after Wanchain bridge hack, Hoskinson calls for ZK revamp

Finance Midnight token rebounds 19% after Wanchain bridge hack, Hoskinson calls for ZK revamp 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. 1 min read Make preferred on Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Make preferred on Consensus 2025: Charles Hoskinson, CEO & Founder, Input Output Summary Show A Wanchain bridge exploit on Monday drained 290 million NIGHT tokens, sending the price down roughly 43% to an all-time low before a partial recovery brought it back nearly 19% within 24 hours. Hoskinson blamed legacy bridge architecture built by a third party and said AI-powered exploit discovery is accelerating vulnerabilities across all software, not just crypto. He argued zero-knowledge systems like Midnight are the long-term fix, replacing trust in bridge operators and multisigs with cryptographic proofs. 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. Cardano Latest Crypto News 1 Here's why bitcoin bulls should take a closer look at interest rates 23 minutes ago 2 SecondFi to shut down after $2.4 million ADA wallet theft 37 minutes ago 3 Bitcoin retreats from one-month high as oil tops $85, inflation concerns resurface 1 hour ago 4 Kraken parent expands tokenized stocks to Hong Kong, UK and South Korea equities 1 hour ago 5 Balance stablecoin collapses 99% after $1 million exploit drains its bitcoin vaults 2 hours ago 6 Live updates: Bitcoin slips under $66,000 as oil's surge sacks strength from risk markets 3 hours ago 7 AI models escaped OpenAI’s sandbox and hit Hugging Face. Crypto is where that gets dangerous 5 hours ago 8 Bitcoin holds near $66,300 as chips extend their rally and the yen hits a 40-year low 6 hours ago 9 Crypto lobby group Digital Chamber sues Illinois to block digital asset tax 13 hours ago 10 Crypto Clarity Act still at mercy of ethics section as Democrats balk at Trump deal 14 hours ago Latest Research TRON Network - Q2 2026 TRON Network - Q2 2026 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. By CoinDesk Research 22 hours ago Commissioned by Tron 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. View Full Report More From Finance Kraken parent expands tokenized stocks to Hong Kong, UK and South Korea equities Augustus raises $180 million to build a clearing bank for the AI and stablecoin era Jack Mallers steps down as XXI Capital CEO as Tether's plans to merge three bitcoin firms falls