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FollowingThe Thousand Chain Bridge vulnerability resulted in the theft of 290 million NIGTs. Hoskinson called for the elimination of old bridging technology.
Charles Hoskinson, founder of Cardano and core developer of the privacy blockchain project Midnight, emphasized that in the cryptocurrency industry, outdated bridging technology must be abandoned. Previously, Wanlianqiao suffered a vulnerability attack, resulting in the theft of a large number of tokens and the price of NIGHT plummeted.
Bridging vulnerability causes NIGHT prices to plummet
On Monday, a vulnerability attack targeting the old version of Wanlink bridging system resulted in the theft of 290 million NIGHT tokens. These tokens were quickly sold through the channel between Binance and Cardano, causing the NIGHT price to fall by about 43% to a record low, before recovering partially.
Within 24 hours, NIGHT prices rebounded by about 19% to about US$0.022. In response to reports that focused mainly on plunging prices, Hoskinson pointed out that the market was recovering and emphasized that the rebound had been ignored by some observers.
Wanlian Company, which is committed to developing decentralized cross-chain bridge technology, is the party responsible for bridging infrastructure in this incident.
Small Dictionary: Wanlian, a blockchain project that provides decentralized bridging to enable interoperability between different blockchain networks.
"All software is facing tremendous attack pressure," Hoskinson said, pointing to the rise in the number of Linux kernel vulnerabilities and attributing the trend to techniques that use artificial intelligence to discover vulnerabilities. He noted that while robust systems can reduce risks, continued exposure to attacks can still make them vulnerable over time.
Security challenges for cross-chain bridges
Bridging attacks remain a persistent and devastating threat in the cryptocurrency space. In recent years, attacks on bridge systems such as Ronin, Wormhole and Nomad have caused more than US$1.5 billion in losses to the industry.
Such attacks typically target smart contracts and multi-signature mechanisms-mechanisms used to transfer tokens between different blockchains. Once breached, a large amount of funds will be quickly withdrawn due to limited underlying security measures.
Bridge System| year| Loss
Ronin| the 2022| US$620 million
Wormhole| the 2022| US$320 million
Nomad| the 2022| US$190 million
Ten Thousand Chain (NIGHT)| in 2024| 290 million NIGHT tokens
Hoskinson advocates the adoption of zero-knowledge proof systems such as Midnight. He explained that these platforms could replace human intervention with cryptographic certificates, thereby eliminating the need for trust in bridging operators and multi-signature mechanisms.
Advantages of zero-knowledge proof systems
Hoskinson pointed out that attackers are increasingly using artificial intelligence tools to identify vulnerabilities in various types of software, not just in the cryptocurrency space. He reiterated that while improving the architecture helps, old solutions often do not adequately protect projects from complex attacks.
Zero-knowledge proof systems-such as those used by Midnight-can verify the validity of transactions without revealing the underlying data. Hoskinson described this approach as the next step in improving blockchain security and building more resilient cross-chain solutions.
Small Dictionary: A zero-knowledge proof system is a cryptographic protocol that allows one party to prove to another that a statement is true without revealing specific details.
The incident highlights the ongoing debate about how best to protect rapidly evolving digital assets and infrastructure, especially as both attackers and defenders begin to take advantage of advanced technology.
