Midnight Token Suffers 32% Crash Amid Cross-Bridge Exploit

The crypto market has been plagued by hacking incidents in 2026, with over $59 million worth of assets exploited in July alone. The total hacks for the year have reached $1 billion. The latest victim is the Midnight network, which suffered a cross-bridge exploit on its Wanchain Cardano-to-BNB bridge.

A two-year-old contract containing 515 million NIGHT tokens was hacked, with all funds drained from the custody backing Wanchain-wrapped NIGHT on BNB. The attacker then sold 290 million NIGHT on Cardano DEXs, with the remaining tokens likely to be sold soon.

The wrapped NIGHT on BNB is now unbacked, despite its supply remaining unchanged. However, the Midnight Foundation assures that the Midnight network itself remains secure, with the incident isolated to cross-bridge operations.