The Ethereum network is witnessing a surge in validator exits, which hit a record high of over 16,000 validators in the exit queue on Jan. 5, on-chain data showed.
The rise in exits has caused the wait time for unstaking to spike to an average of 5.6 days. Around 15,140 validators are still in the queue as of press time.
The surge was primarily driven by withdrawal requests from defunct CeFi lender Celsius Network and staking provider Figment, which collectively make up roughly 75% of total withdrawals in the queue.
550k ETH
Celsius, which is currently undergoing a restructuring process after declaring bankruptcy last year, has initiated a large-scale withdrawal from Ethereum staking.
The move, aimed at reallocating assets to satisfy creditors’ demands, involves the withdrawal of more than 200,000 ETH, valued at approximately $450 million.
The situation is exacerbated by the involvement of Figment, another major staking provider, which is linked to 54% (350,000 ETH) of the total with
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