Ethereum educator Anthony Sassano stated that the exit queue for Ethereum validators may surge in the coming days, but cryptocurrency market participants need not worry excessively.
"These ETH are expected to be re-staked with new validator keys, meaning they will not be sold," Sassano said in a post on X on Tuesday, referencing an announcement from Kiln Finance following the hack of the Swiss cryptocurrency wealth management platform SwissBorg.
A large amount of Ether (ETH) being unstaked is sometimes seen as a bearish indicator, as traders may worry it signals impending selling pressure. According to ValidatorQueue data, the current ETH exit queue stands at 1,628,074. Approximately 35.5 million ETH are staked, accounting for about 29.36% of the total supply.
"Following our announcement yesterday regarding the Solana incident involving SwissBorg, Kiln is taking additional precautions to protect customer assets across all networks," Kiln Finance stated in a post on X on Tuesday.
SwissBorg previously revealed that hackers exploited an API vulnerability in its staking partner Kiln to steal approximately 193,000 Solana (SOL) tokens from its Earn project.
"As part of this response measure, Kiln has begun an orderly exit of all its Ethereum validators today. The exit process is a precautionary measure designed to ensure the integrity of staked assets," Kiln Finance explained.
Kiln Finance noted that the exit process is expected to take between 10 to 42 days, depending on the validator.
According to CoinMarketCap data, as of the time of writing, the trading price of Ether is $4,306.
Previously, Ethereum experienced periods of surges in both entry and exit queues in recent months.
On August 28, Cointelegraph reported that Ethereum faced one of the most significant validator outflows in cryptocurrency history, with over 1 million Ether tokens currently waiting to be withdrawn from staking through the Ethereum proof-of-stake (PoS) network.
Meanwhile, on September 3, the number of Ether waiting to be staked surged to its highest level in 2023, as institutional traders and cryptocurrency treasury companies sought rewards for their held assets.
Related: Cboe plans to launch 10-year Bitcoin (BTC) and Ethereum (ETH) futures in the U.S.
Original article: “As Kiln Moves Tokens, Ethereum (Ethereum) Validator Exit Queue May Surge”
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