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ADA 
BNB Midnight prices plunged 30% today and are currently trading at around $0.019. The token fell from an already low level to a record low of around $0.016, and then recovered slightly.
I personally am not very optimistic about Cardano and its ecosystem, but this incident is indeed worth explaining. Let me analyze in detail what happened.
Midnight (NIGHT) fell more than 26% in early trading today as a whale began selling millions of tokens. The wallet sold NIGHT tokens worth more than 10 million ADA in a short period of time. The same wallet still holds more than 200 million NIGHTs.
The selling pressure is huge. The token fell more than 30% during the day to about US$0.016, setting a record low.
Wanchain Bridge Vulnerability
BlockSec's Phalcon reported that Wanchain's Cardano Bridge was attacked and approximately 515 million NIGTs were withdrawn from the bridge vault.
Preliminary analysis points out that the problem lies in the encoding of non-injective signature messages in the TreasuryCheck verifier. This can lead to signature replay attacks.
BlockSec: The Wanchain Cardano Bridge was reportedly attacked, with 515 million NIGTs extracted (here is the Twitter quote in the original text, retaining the text, but concealing the links and pictures)
Simply put: The attacker found a way to exhaust the NIGTs reserves in the bridge by replaying the signature. Only NIGHT was stolen, and other bridging tokens were not affected.
The Midnight Foundation clarified
The Midnight Foundation quickly issued a clarification statement:
"This incident is limited to the Wanchain Cardano-BNB Bridge and has nothing to do with the Midnight Network itself. Midnight's protocols, validator network, consensus mechanisms and core infrastructure remain secure and continue to operate normally."
They emphasized that this was a third-party bridging infrastructure incident that affected cross-chain transfers between Cardano and BNB Chain, and was not a problem with NIGHT assets or the Midnight blockchain itself.
(Here is the foundation's tweet quote, retaining text content, and concealing links and pictures)
The foundation said it is maintaining close contact with Wanchain as the investigation progresses.
Additional note from Paul
Cryptocurrency analyst Paul provided more background information on this incident.
He confirmed that the "contracts" from which approximately 515 million NIGHT were withdrawn were Wanchain's Cardano side bridge lockdown address. This address is the custodian of Wanchain encapsulated NIGHT on BNB.
(Here is a quote from Paul's tweet, retaining text content, and concealing links and pictures)
On-line data shows:
About 515 million NIGTs-approximately 97% of the bridging NIGHT reserves (from 527 million to 12 million)-were withdrawn from lock-up addresses today.
Funds are moved through new wallets and sold off on the Cardano decentralized exchange. More than 290 million NIGHT units were sold, causing the price to drop by approximately 50%.
This is a bridging layer event. The total supply of tokens itself remains unchanged.
However, encapsulated NIGHT on BNB is now largely unsecured.
What this means for Midnight holders
Good news: Midnight's core protocols have not been compromised. The network itself remains secure. This is a problem with third-party bridging, not a fundamental flaw in Midnight itself.
Bad news: Encapsulated NIGHT on BNB is no longer guaranteed. Anyone holding encapsulated NIGHT on BNB may face significant risks. Bridge reserves have been exhausted.
The sold tokens have been sold on the Cardano decentralized exchange. The selling pressure has passed. The remaining more than 220 million NIGHTs held by the attacker may still be sold, but after the sell-off, the attacker's address no longer holds NIGHTs.
The foundation is working with Wanchain to conduct an investigation. The liquidity gap on the BNB side remains unresolved.
