Whenever Stone-Cold Basilisk blocks or becomes blocked by a creature with fewer letters in its name, destroy that creature at end of combat. (Punctuation and spaces aren't letters.)

Whenever an opponent reads Stone-Cold Basilisk, that player is turned to stone until end of turn. Stoned players can't attack, block, cast spells, or activate abilities.

Togglodyte enters turned on.

Whenever a player casts a spell, toggle Togglodyte's ON/OFF switch.

As long as Togglodyte is turned off, it can't attack or block, and prevent all damage it would deal.