Midnight (NIGHT Token)
Summary
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 entities · 10 linked investigationsTimeline(8 events)
2025-06-23
Midnight Network publicly reveals NIGHT tokenomics and the Glacier Drop airdrop mechanism via CoinDesk.
CoinDesk2025-07-10
OpenZeppelin announces a partnership with Midnight to develop audited Compact smart contract libraries for the platform.
The Crypto Basic2025-12-09
NIGHT token officially launches trading at 10:00 UTC, with exchange listings on major platforms.
Midnight TGE Guide2025-12-10
Glacier Drop thawing schedule begins; Midnight opens redemptions for 4.5 billion+ NIGHT tokens after Phase 1 and Phase 2 of the distribution event.
HackerNoon2026-03-30
Midnight federated mainnet (Kukolu phase) officially launches.
Midnight Network Blog — State of the Network January 20262026-07-20
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.Today2026-07-21
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 / Bitcoinist2026-07-22
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
- #1publish⛓ pending7/27/2026, 5:14:19 PMhash: 8JNRVni6wkyKEVaCcrQRenDGt4n9fJEWBPk63prNSHgQ
21 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: 7/27/2026, 8:51:00 PM
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