Babylon was supposed to be different.
They said it was “community-first capital coordination.”
A garden, not a casino.
🕵️♂️ On-Chain Crime: Who Rugged Babylon? (The fall of a SocialFi darling)
But DeFi doesn’t grow flowers.
It grows exits.
At its peak, Babylon had $30M in TVL and some of the sharpest minds in the game.
Private gardens, strategy vaults, DAO governance the whole suite.
Smart contract chess with yield as the prize.
Then came the Rari hack.
$80M gone.
Babylon lost $3.4M and more than just money.
Their users didn’t wait for answers.
TVL fled.
DAO proposals turned into blame games.
The community turned on the founder overnight.
“Decentralized,” they said.
But when the floor collapses, everyone looks for a single neck to throttle.
Redemptions opened.
Liquidity drained.
And one of the most promising experiments in on-chain asset management was left in ruins.
The founder walked.
The project shut down.
No scam.
No exploit.
Just fragility... and a crowd that didn’t want to hold the bag.
In Babylon, even the gardens were forked.
