Midnight Network's NIGHT Token Rises 8.2% as Crypto Market Falls After Binance Hack

The NIGHT token of @MidnightNtwrk rose against a broad crypto selloff on Friday. According to CoinGecko data, NIGHT gained 8.2% over 24 hours to trade at about $0.04, the strongest performance among the top 100 cryptocurrencies by market capitalisation. It was trading at its daily high at the time of writing.

NIGHT has a market capitalisation of about $662 million and ranks 89th on CoinGecko. The total crypto market capitalisation slid to around $2.7 trillion over the same period, with $BTC and $ETH both lower on the day.

Selloff Follows Record Binance Hack

The wider decline followed a security incident at Binance. NBC News reported that the exchange said it was the target of a $6.3 billion heist on Thursday, believed to be the largest ever recorded. Binance said it had frozen about $3 billion of the assets. In a video address on Friday, Decrypt reported that Binance CEO Richard Teng said the exchange had set aside more than $6.34 billion of company funds to cover losses, aims to restore withdrawals by Sunday and plans to publish a full Proof of Reserves report by Monday.

What NIGHT Does on Midnight

Midnight is a privacy-focused blockchain. According to Midnight's own tokenomics blog, NIGHT is the network's utility token with a supply of 24 billion tokens. The same post says holding NIGHT generates DUST, the network's capacity resource used to power transactions and smart contract execution. Midnight's State of the Network update describes NIGHT as granting governance rights and acting as the generator of DUST, a renewable resource that regenerates over time based on NIGHT holdings.

Sources

NBC News: Binance targeted in $6.3 billion crypto heistDecrypt: Binance Sets Aside $6.34B to Cover Hack LossesMidnight Network: The tokenomics powering Midnight network