BABYLON LABS

DESCRIPTION OF EVENTS

Babylon Labs is a platform focused on empowering Web3 through trustless, self-custodial Bitcoin staking. Their system allows users to stake Bitcoin directly without the need for wrapping or pegging, providing a secure and decentralized way to participate in blockchain validation. The platform is designed to ensure users maintain full control over their keys and coins, as it offers a self-custodial staking model. By using Babylon's interface, Bitcoin holders can stake their assets, help validate other blockchains, and receive rewards—all while keeping their funds within their own wallet.

In addition to its user-centric features, Babylon Labs emphasizes the security and scalability of its ecosystem. The platform connects Bitcoin holders with Bitcoin Secured Networks (BSNs) and integrates over 250 finality providers from around the globe. This network enhances Bitcoin’s security and liquidity while reducing reliance on native token inflation. Babylon’s staking protocol is backed by thorough security audits from experts, bug bounty programs, and a commitment to decentralization. The platform also supports open-source development, enabling global contributions to its ongoing improvement. Overall, Babylon Labs is making Bitcoin staking more accessible and secure, strengthening the broader cryptocurrency ecosystem.

Babylon Labs has launched its Phase-2 Testnet, marking a significant milestone in its development. The platform introduces a self-custodial Bitcoin staking protocol that allows users to stake their Bitcoin without the need for wrapping, pegging, or bridging. This trustless staking system gives users full control over their Bitcoin and the ability to request unbonding at any time, offering a seamless, secure experience for validating decentralized networks.

Babylon’s protocol aims to unlock the potential of the 21 million Bitcoins that largely remain idle. By participating in staking through Babylon, users are not only earning rewards but also contributing to securing the decentralized economy. This new model helps address the capital-intensive nature of Proof-of-Stake (PoS) security while enabling Bitcoin holders to use their assets in innovative ways without compromising control.

Losses appear to be minimal. Ethereum receive wallet addresses has no funds, and bitcoin receive wallet address has 0.00010895 BTC received, which was received several hours before any mention of the phishing.

"You want to manage staked $BTC, but you got your X account hacked????"

"If you can't secure an X account how will you be able to secure safely by $BTC staked on your platform?"

"That’s why $CORE is way better, not been able to secure your twitter account speaks a lot about how much people should trust you."

"We've reclaimed our X account! The account was briefly compromised earlier today. The phishing links and tweets were flagged and taken down soon after thanks to our vigilant team and community, and within 2 hrs we locked the account with help from @brainchainLLC. We regained control within 6 hours and then conducted security audits. We are also taking additional steps to make sure of our social media account safety."

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Babylon Labs is a platform empowering Web3 through secure, self-custodial Bitcoin staking, allowing users to stake Bitcoin directly without wrapping or pegging, maintaining full control over their assets. The platform supports decentralized blockchain validation and offers rewards to Bitcoin holders while ensuring their funds remain within their wallets. Babylon emphasizes security and scalability, connecting users with Bitcoin Secured Networks (BSNs) and integrating over 250 finality providers globally. Their staking protocol is secured by expert audits, bug bounty programs, and decentralization, enhancing the broader cryptocurrency ecosystem. Recently, Babylon launched its Phase-2 Testnet, enabling Bitcoin staking that helps unlock the potential of idle Bitcoins and secures decentralized economies. While Babylon faced some skepticism due to a brief compromise of their X account, the issue was swiftly addressed with the help of @brainchainLLC, and their team conducted security audits to further safeguard their platform and social media accounts.

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