Opinion: Skyrocketing ETH Withdrawal Queues Mainly Attributed to Kiln Validator Node Drop-Out

BlockBeats News, September 11th, According to crypto KOL @sassal0x's analysis, the significant increase in ETH withdrawals from the Ethereum PoS network was mainly due to Kiln exiting as a validator. It is reported that Kiln had a total stake of around 1.6 million ETH. @sassal0x stated, "The ETH that was withdrawn will likely be re-staked with a new validator key, meaning it will not be sold."

In news from yesterday, the staking service provider Kiln announced that, following the SwissBorg hack, they have started an orderly process to withdraw all their Ethereum validation nodes to ensure the integrity of the staked assets.