Analyst Targets ADA Rally! Charles: "Midnight Is Strong." Angry Crypto Reacts

[00:00:00]What is good Cardono fam? ADA gang with lots of exciting updates to unpack today. So, hit that subscribe, hit that like. Cardon ADA 24-hour trade volume surpasses $480 million according to Coin Gecko. ADA's 24-hour trade volume also surpassed Hyperlquid, Stellar, Tron, and Zcash today. According to Coin Gecko, and Coin Market Cap ranked Cardono as the eighth most bullish community sentiment. Binance integrates support for Cardano's Van Rossim hardfork, which upgraded the network to protocol version 11, reducing smart contract costs and laying the groundwork for Uros Laos.

[00:00:41]Santiment Intelligence says top caps, including Cardono, pushed its 30-day MVRV, or market value to realize value back above neutral. positive MVRV tells us the re rebound is real.

[00:00:58]Analyst and investor Javon Marx featured on Yahoo Finance continues to be bullish on ADA. He says Cardono is moving towards a key converging or breaking point and a positive response could kickstart a massive run towards $2.90 which we are targeting. This target is over 1,500%.

[00:01:20]So it seems like it's so distant, right?

[00:01:24]But things can change very quickly in crypto. We saw that in November, December of 2024, how quickly things can change for alts.

[00:01:34]Dr. Martin Hayes Boick, head of research at Uphold. Apologize if I mispronounced the name. With over $79.3 billion in trade volume and more than $3.3 billion in reserves, says prepare for the biggest bull market crypto has ever seen. In June, he highlighted Cardono's active addresses and social dominance spiking.

[00:01:58]Charles Hoskinson says, "Midnight and the night smart contract on the Cardono network are operating just fine, running 24/7. No incidents or issues. Glacier drop is continuing. None of Midnight's infrastructure has been hacked. Nothing on Cardono related to Midnight has been hacked." So, he dropped a couple of great live streams uh today. It's great to see how prompted, how swift he is on these issues. He says this requires more vigilance. From Cardono standpoint, we predicted that these things were going to happen, which is why you don't tend to see many hacks in the Cardono ecosystem, and you don't tend to see a lot of lost funds in the Cardono ecosystem.

[00:02:44]He says, "Formal methods, peer review, they're not buzzwords. These things, they considerably reduce the set of attack vectors that are possible in an ecosystem. And good protocol design also does so. Vigilance is the product of layered defenses.

[00:03:01]Charles says bridges are the most vulnerable of all of these attacks in the crypto space because they rely typically on some sort of source of truth or trust that's external and from the network itself.

[00:03:15]He says one of the reasons we constructed Midnight was to be able to bring a new class of defenses and capabilities to prevent these types of attacks from happening. Midnight was not used to construct the bridge between Cardono and Binance Smart Chain. So, we'll take a closer look at statements from Midnight, but also Wanchchain. Wan Chain, third party bridge has nothing to do with Midnight. Uh, and again, so it was basically a bridge that got compromised. We're going to wait and see for more detail regarding, but it's not anything to do with Cardono. Cardono is okay. Midnight is okay. Charles says, "Recursive or folded snark-based bridges massively increase security, especially when combined with redundancies like trusted execution environments and multisig. As Midnight's capabilities turn on, this is going to add a new layer of security."

[00:04:09]He says, "Midnight Passport makes it easier for people to prove who actually owns funds. a selective disclosure system when combined with an identifier to a wallet they can prove in a nonreputable way what that they actually own the account. So this is going to be key efforts like this with the second FI situation but also beyond because that's an issue in itself right when you have white hats and other elements to be able to prove you are who you say you are especially if you don't have the seed phrase etc. So that is a very important field. Charles says the existence of midnight opens up the opportunity of insurance. Once best practices have solidified and one can bind identity then one can purchase policies and for those insured they can find restitution.

[00:05:03]So that can be a big big uh area in terms of market for insurance. Charles on Midnight's capabilities combined with insurance says these layered defenses I honestly believe will dramatically improve the safety quality of the user experience and ultimately make these events more of a nuisance than existential. Right? Right now with crypto, they've become existential. And we need to really take the best of both worlds, legacy systems, insurance, non-custodial stuff, and really harmonize everything. And that's what Charles's goal is with Midnight and Beyond. He says, "I'm proud of how quickly the Midnight team, the Shielded team, and many me members of the Cardono ecosystem came together, including the security council of Intersect, Jack in particular, to identify and create a war room for this event." Charles says this is the first major test of midnight.

[00:06:00]Half a billion night was taken. Earlier he said that really unless you have an issue like this you have to test it in the real world and this is that real world test. With half a billion taken the vast majority was liquidated very quickly. It did not break or destroy the ecosystem. Rather it showed that there's real actors a credible path forward and strong resolve. And he said that strong resolve will continue going forward. He says, "Midnight will recover from this little blip and it'll grow and thrive."

[00:06:33]He says, "Midnight was not hacked and midnight is strong today. This event proves the need for and emboldens the people behind the Midnight Protocol to solve these problems." He says, "Midnight is here to stay. Midnight was not hacked. Midnight is strong. The ecosystem is stronger than ever." So, let's take a look at a couple of updates since last night. Midnight Foundation says, "We wanted to provide a brief clarification regarding the recent incident involving Knight. The incident is isolated to the WAN chain Cardono BMB bridge and does not involve Midnight Network itself. Midnight's protocol, validator network, consensus, and core infrastructure remain secure and continue to operate normally. This was a third-party bridge infrastructure incident affecting cross-chain transfers between Cardono and BMBB chain rather than an issue with the Knight asset or the Midnight blockchain. We are in close contact with Wanchchain as they continue their investigation and response. Based on our assessment, we do not believe this incident changes the security or operational integrity of Midnight Network. We remain confident in the resilience of the Midnight Network and will continue to keep partners informed should there be any material developments. The last update on the Wing Cardono and BMBB bridge incident.

[00:07:56]Since our last update, we've been coordinating closely with our exchange partners on a wider industry response to contain the impact of the attack of the attack. A number of exchanges including Kcoin, Kraken, Binance, Bybit, OKX, Gate, and MEXC have acted swiftly to implement precautionary measures and restrict the movement of the stolen assets. These measures include temporarily freezing accounts and addresses associated with the incident, blacklisting wallets linked to the attacker, and suspending night deposits and withdrawals where appropriate. This coordinated response significantly reduces the attacker's ability to move or liquidate the stolen funds. The security and integrity of the Midnight ecosystem remains our highest priority.

[00:08:43]Our exchange partners have confirmed this is an isolated third-party bridge incident. Not an issue with the Midnight Network or the Knight asset itself.

[00:08:53]We'll continue to work with exchanges and our ecosystem partners to investigate the incident and we'll provide further updates as relevant information becomes available. So stay safe guys. Uh great to see good coordination with uh the exchanges and Charles did also say in his latest stream it's good that USDCX is on Cardono and not USDC because by having USDCX you have to go through circle. So that's another way that they can mitigate uh that attack vector by malicious actors in this case WAN chain.

[00:09:26]So they are right now taking a look uh we are aware of an incident affecting the Cardono BMB chain bridge they say resulting in the withdrawal of night tokens from the bridge contract on Cardono. So the bridge currently is unavailable to users. Uh please know that this has our full attention. We are committed to full transparency and we'll share an update as soon as our investigation is complete. We are grateful for your patience and trust. I haven't seen a further update from them.

[00:09:54]A lot of great updates from Midnight Foundation. Before we jump into some updates, a nice rebound so far because it did touch 15. We're already back up to 22. 24 hours. Uh we're back up a good amount. So good to see healthy bounce back on Night Token. Night Token. Well, Midnight surpasses 116,000 transactions on mainet according to Midnight Explorer and of course including validators from Google Cloud, E Toro, Moneygram, Pairpoints by Vodafone and much more.

[00:10:27]Charles Hoskinson says the night supply is totally decentralized. It's on Cardono as a CNT. It cannot be rolled back, right? So, somebody was saying, "Hey, can you freeze this? Can you do that?" Well, that's the whole point of decentralization. But I do hope that Midnight and the teams with Midnight come together to really make kind of the next generation type of bridge with zero knowledge technology and whatnot to prevent such a situation because now with AI, we're going to see hacks left and right. What else is going on? Senate Majority Leader John Thoon says there's a good chance a bipartisan deal will advance to pass the Clarity Act. Cardono is primed for crypto regulation, recognized as both a commodity by the CFTC and SEC and also a leader in decentralization.

[00:11:15]Treasury Secretary Scott Bessant says the Clarity Act is at the oneyard line and calls for Congress to pass it.

[00:11:22]Binance founder CZ says crypto is not going away. AI will need to use money.

[00:11:27]You will need money.

[00:11:30]Hel CEO Mert mentions ADA. He says, "Blockspace is not a commodity." I hate when people say, "Blockspace is a commodity." Is it? Okay. So, why don't you go do your trades on Cardono then?

[00:11:42]It's also a blockchain. It has block space. Why aren't you doing it there?

[00:11:46]Now, he was talking about Solana, all the different trade and kind of utility stuff like that. But this mention alone is great because he mentioned Cardono, he mentioned Optos afterwards. Just the fact that Cardono comes into the conversation by a lot of creators, a lot of the crypto space in my opinion is a good thing. It's important to have social dominance. It's important to have mind share. And albeit he does make a good point that just block space in itself isn't a commodity. Like you do have to deliver value. You do have to deliver goods and services and whatnot.

[00:12:20]I like to highlight just that the mind share and the social dominance. And I like Mert. Think of him what you will, but I like Mert. And I do think we will see a day where we have wrapped ADA on Solana unlocking tons of the Solana ecosystem and DAPs. Watch Guru says London stock exchange to launch roundthe-clock trading to compete with 247 crypto platforms. Russia passes bill establishing legal framework for crypto.

[00:12:47]Well, looks like they're going fast and they're not talking years taking years about crypto capital of the world, right? So, I hope that US is not like last, but we'll see. Maybe it's deliberate. Maybe it's intentional.

[00:13:00]Google launches three three new AI models. I like that because I really like Gemini. I think that AI has a lot of great utility for creators, developers. So, I welcome that. And I think the AI revolution will just continue to have a need for payments, whether it's X42 or other stuff. So ADA continues to slowly climb 173 for ADA.

[00:13:24]XRP 1.14. I like the market right now.

[00:13:28]Bitcoin at 663. So not too shabby. It's bikini bottom. It's rock bottom, but I feel like we're taking one step up the ladder. You know, it might not be void edition right now. We're kind of exiting the void, trying to come up to the surface slowly but surely. That's just the way it is, right? We have to capitulate to catapult slowly. Then suddenly, I think the highlight for me today, I mean, Charles obviously deserves a shout out for how often he's been uh streaming. Uh great to see also the surge in 24-hour trade volume with ADA, which I think today was more than double stellar. [snorts] And I think really for me, I'm excited to see some progress on the Clarity Act. I'm going to try and see if there's any meaningful updates uh from Eleanor and others regarding uh this crypto market structure bill. Hopefully, we get this passed and it could end up being a catalyst. Only time will tell, but I do think we have a lot of positive foundations for us ahead. Uh yes, the second fight situation, yes, the midnight hack with the third party bridge, but I think that these are just kind of a blip, a little drop in the pan compared to what is ahead of us. And the fact that we already are seeing recovery like this, I think says a lot in just 24 hours. So, let me know your thoughts, guys. What do you think of the midnight situation? What do you think about Clarity Act? Smash that subscribe. Smash that like.