Ah, Babylon—the once proud fortress of Bitcoin staking—now sees its vaults emptied as $1.26 billion in BTC slips away like water through tired fingers. The protocol’s riches have shriveled, its total value locked (TVL) plummeting by a raw 32%, like a starving man watching his bread vanish.
On April 17, the ever-watchful eyes of Lookonchain noticed sinister movements: four cryptic addresses disgorged 14,929 Bitcoin, a staggered loot of 299, 499, 1,000, and an astonishing 13,129 BTC. One address alone bore the lion’s share—over a billion in cold, hard digital gold, worth roughly $1.26 billion at the time, with BTC prices hovering around $84,400. Pretty hefty for a walk of shame.
Babylon’s TVL nosedived from a green $3.97 billion to a sickly $2.68 billion, as DefiLlama mournfully tallied the losses. The labyrinthine halls of DeFi do not forgive easily. 😏
Will the Elusive Bitcoin Phoenix Rise From Babylon’s Ashes?
In the smoky taverns of community chatter, tongues wag over the identities behind these spectral addresses. Some whisper of the Chinese government’s ghostly hand; others suggest mere trader drama or a risk-averse shuffle. Meanwhile, Lombard Finance claims it timed this great unstaking waltz to coincide with Babylon’s phase 1 finale on April 24, promising a neat trick: the BTC will return, re-staked like a boomerang on the blockchain. “This BTC shall rise again!” they proclaim—or at least, that’s the hope.
Babylon Labs, meanwhile, has chosen the silent treatment, leaving CryptoMoon hanging like a moon-struck lover waiting for a call. 📞🤷♂️
Coincidence or Chaos? BABY Airdrop Sparks the Exodus
Just weeks earlier, Babylon showered its early devotees with a generous BABY token airdrop—a hefty drop of 600 million tokens to those staking, NFT clutching, and code weaving souls. But tokens in hand seem to have birthed a rush for the exits: $21 million in BTC was unstaked shortly after. Bitlayer’s Kevin He shrugged it off as typical market flirtation—early adopters cashing out their bittersweet rewards before the music stops.
Once the titan of Bitcoin DeFi, Babylon hit a peak TVL of over $6 billion last December. Fisher Yu, co-founder and prophet of the protocol, painted staking as Bitcoin’s native promise—free from the chains of trust in others—yet here we stand, watching trust unravel faster than you can say “blockchain.”
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2025-04-17 14:20