Midnight

Record

Richard

Token

<p>The NIGHT token of <a href="https://x.com/MidnightNtwrk" rel="noopener noreferrer nofollow">@MidnightNtwrk</a> 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.</p>
<p>NIGHT has a market capitalisation of about $662 million and ranks 89th on CoinGecko. The total crypto market capitalisation slid to around $2.7 trillion over the same period, with <a href="https://x.com/search?q=%24BTC&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$BTC</a> and <a href="https://x.com/search?q=%24ETH&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$ETH</a> both lower on the day.</p>
<h2 id="selloff-follows-record-binance-hack">Selloff Follows Record Binance Hack</h2>
<p>The wider decline followed a security incident at Binance. <a href="https://www.nbcnews.com/business/markets/binance-hack-tether-circle-stablecoins-rcna606445" rel="noopener noreferrer nofollow">NBC News reported</a> 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, <a href="https://decrypt.co/382237/binance-sets-aside-6-34b-to-cover-hack-losses-ceo-says-your-assets-are-safe" rel="noopener noreferrer nofollow">Decrypt reported</a> 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.</p>
<h2 id="what-night-does-on-midnight">What NIGHT Does on Midnight</h2>
<p>Midnight is a privacy-focused blockchain. According to <a href="https://midnight.network/blog/the-tokenomics-powering-midnight-network" rel="noopener noreferrer nofollow">Midnight's own tokenomics blog</a>, 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 <a href="https://midnight.network/blog/state-of-the-network-november-2025" rel="noopener noreferrer nofollow">State of the Network update</a> describes NIGHT as granting governance rights and acting as the generator of DUST, a renewable resource that regenerates over time based on NIGHT holdings.</p>
<h2 id="sources">Sources</h2>
<p><a href="https://www.nbcnews.com/business/markets/binance-hack-tether-circle-stablecoins-rcna606445" rel="noopener noreferrer nofollow">NBC News: Binance targeted in $6.3 billion crypto heist</a><br><a href="https://decrypt.co/382237/binance-sets-aside-6-34b-to-cover-hack-losses-ceo-says-your-assets-are-safe" rel="noopener noreferrer nofollow">Decrypt: Binance Sets Aside $6.34B to Cover Hack Losses</a><br><a href="https://midnight.network/blog/the-tokenomics-powering-midnight-network" rel="noopener noreferrer nofollow">Midnight Network: The tokenomics powering Midnight network</a></p>

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

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