Cardano’s NIGHT Hits All-Time Low After 290M Token Dump
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NIGHT, the token for Cardano’s privacy-focused Midnight network, plunged more than 43% earlier today to an all-time low of $0.01524, triggering a steep selloff. While markets feared a hack, The Midnight Foundation said the drop followed after roughly 2% of NIGHT’s supply was moved out of a two-year-old contract tied to Wanchain’s Cardano-to-BNB Chain bridge, raising security and cross-chain bridge risk concerns for Cardano DeFi and token holders.
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NIGHT, the token behind Cardano’s privacy-focused Midnight network, plunged more than 43% earlier today to hit an all-time low of $0.01524.
Speculation then mounted that the Midnight blockchain may have been hacked, causing the steep selloff, but according to The Midnight Foundation, the price drop came after roughly 2% of NIGHT’s supply was moved out of a two-year-old contract tied to Wanchain’s Cardano-to-BNB Chain bridge.
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