Ethereum (ETH) validator exit queue attained a peak at over 16,400 amid Celsius’ plans of ETH unstaking. The waiting time for validators in the queue had extended to more than 5 days. This abrupt surge in validator exit queues could be linked to Celsius, the bankrupt crypto lending platform. The crypto lender recently confirmed its initiation of recalling and rebalancing crypto assets, including Ethereum to repay its creditors.
Celsius ETH Unstaking Plans
Celsius, entrenched in bankruptcy proceedings since its Chapter 11 filing in July 2022, has strategically begun shifting assets to guarantee ample liquidity in anticipation of potential asset distributions. Thereafter, in a recent post on X, Celsius wrote, “The significant unstaking activity in the next few days will unlock ETH to ensure timely distributions to creditors.”
This comes after the firm announced that their creditors would receive BTC and ETH distributions, according to the approved plan. Moreover, the latest move by
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