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NIGHT token jumps after 290 million NIGHT drained in Wanchain bridge exploit
Charles Hoskinson said the incident highlights the risks of legacy bridge architecture and argued zero-knowledge systems are needed to remove trust in bridge operators and multisigs.
CoinDesk reports a Wanchain bridge exploit Monday drained 290 million NIGHT tokens and pushed the token down roughly 43% to an all-time low before it began to recover.
According to CoinDesk, NIGHT later rebounded nearly 19% within 24 hours, with trading around $0.022, after the stolen tokens were routed through a legacy Wanchain bridge on the Binance-Cardano corridor.
CoinDesk also reports Charles Hoskinson, CEO and founder of Input Output, used the crash and rebound to argue that crypto security should move beyond legacy bridge infrastructure.
He said AI-powered exploit discovery is accelerating vulnerabilities across software, and that zero-knowledge systems like Midnight are designed as a long term fix by replacing trust in bridge operators and multisigs with cryptographic proofs.