Bitcoin staking protocol Babylon saw $1.26 billion in BTC unstaked from its platform, reducing the protocol’s total value locked by 32%.
On April 17, blockchain analytics firm Lookonchain flagged several addresses that had unstaked a total of 14,929 Bitcoin (BTC) from the staking platform. The security firm flagged four addresses that had unstaked 299 BTC, 499 BTC, 1,000 BTC and 13,129 BTC.
One address held a majority of the unstaked assets worth $1.1 billion. With BTC prices hovering at around $84,400, the total unstaked BTC was worth about $1.26 billion.
The unstaking event saw Babylon’s total value locked (TVL) drop by 32%. According to data tracker DefiLlama, Babylon’s TVL declined from $3.97 billion to $2.68 billion after the unstaking.
Source: LookonchainUnstaked Bitcoin may be “staked back” to Babylon
Community members are speculating on who was behind the unstaking. One X