Midnight (NIGHT Token)
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anchored·5zvP9F…aTHeSummary
Midnight is a privacy-focused Layer 1 blockchain developed by Input Output Global (IOG), the engineering firm behind Cardano, and overseen by the Cayman-based Midnight Foundation. It uses zero-knowledge proofs and a dual-token model (NIGHT and DUST) to offer selective data disclosure for compliant private smart contracts. The NIGHT token launched in December 2025 with a 24 billion fixed supply; in July 2026, a third-party Wanchain bridge connecting Cardano to BNB Chain was exploited for approximately 515 million NIGHT tokens (~$10-13 million), crashing the token price 30-43% to an all-time low, though Midnight's core Layer 1 protocol was not compromised.
Connected Entities
1 entitiesTimeline(8 events)
23 June 2025
Midnight Network publicly reveals NIGHT tokenomics and the Glacier Drop airdrop mechanism via CoinDesk.
CoinDesk10 July 2025
OpenZeppelin announces a partnership with Midnight to develop audited Compact smart contract libraries for the platform.
The Crypto Basic9 December 2025
NIGHT token officially launches trading at 10:00 UTC, with exchange listings on major platforms.
Midnight TGE Guide10 December 2025
Glacier Drop thawing schedule begins; Midnight opens redemptions for 4.5 billion+ NIGHT tokens after Phase 1 and Phase 2 of the distribution event.
HackerNoon30 March 2026
Midnight federated mainnet (Kukolu phase) officially launches.
Midnight Network Blog — State of the Network January 202620 July 2026
Alleged phishing campaigns impersonating Midnight and offering fake DUST token exchanges begin circulating, draining wallets of Cardano community members. Tim Harrison of Cardano issues a public warning.
U.Today21 July 2026
Wanchain-operated Cardano-to-BNB Chain bridge is exploited via a non-injective signed-message encoding vulnerability (TreasuryCheck validator). Approximately 515.2 million NIGHT tokens (~$10-13 million) are drained in four transactions within 8 minutes. NIGHT token price drops 30-43% to a record low. Wanchain takes the bridge offline. Midnight Foundation confirms its Layer 1 is unaffected.
CoinDesk / CryptoTimes / Bitcoinist22 July 2026
NIGHT token rebounds approximately 19% within 24 hours of the exploit, trading around $0.022. Charles Hoskinson calls for an industry overhaul replacing bridge trust assumptions with ZK-proof systems.
CoinDeskDecision Log
- hash: CfeJgxPU2h8VQFgWYGXLSbXj7cz3NwtXWhdgQZDpAP9Z
- hash: 5WSnGUHHS91Zqn9QFxR3yLsEQ1F2UbGDEqqHLWrt6b3E
- hash: 8JNRVni6wkyKEVaCcrQRenDGt4n9fJEWBPk63prNSHgQ
This investigation is cryptographically anchored to the Solana blockchain (3 events). 23 of 24 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 7/27/2026, 5:14:05 PM
last updated: 8/27/2026, 3:59:13 AM
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