Klin приостанавливает стейкинг 1,6 млн ETH на фоне хаоса в криптопромышленности Translation: Klin pauses staking 1.6 million ETH amid chaos in the crypto industry

The Klin platform has initiated the withdrawal of all Ethereum validators in the wake of the SwissBorg exchange hack. Anthony Sassano, founder of The Daily Gwei, has warned that the exit queue from ETH staking may see significant growth in the near future.

Proactively addressing potential fears before they escalate…

The validator exit queue is expected to surge in the upcoming days (having recently increased by approximately 700,000 ETH) as @Kiln_finance has opted to voluntarily withdraw all their ETH validators due to specific security concerns. pic.twitter.com/LEFFezkNUC

On September 8, SwissBorg fell victim to a hacking incident, resulting in the theft of 192,600 SOL worth $41 million. The investigation revealed that the breach stemmed from a vulnerability in the API of the platform’s partner, Klin, which provides staking infrastructure for both Solana and Ethereum.

Co-founder Laszlo Szabo stated that Klin immediately began withdrawing validators to safeguard client assets. He noted that the process would occur in phases and take between 10 to 42 days. Throughout this period, users will continue to receive rewards for locking their funds.

1/10 Following our announcement yesterday regarding the Solana incident involving SwissBorg, Kiln is implementing additional precautionary measures to protect client assets across all networks.https://t.co/ePKBaStIet

In the wake of the announcement, the Ethereum staking exit queue surged by 700,000 ETH, Sassano reported. According to Validator Queue, the figure rose from 616,898 ETH to over 1 million ETH within a day. The average waiting time increased from 10 to 42 days.

Currently, around 35.5 million coins are staked, which is approximately 29.36% of the total supply of the second-largest cryptocurrency.

«For context: around 1.6 million ETH [~$693 million] is staked through the Kiln platform — this is the amount that will be gradually withdrawn from the network,» Sassano added.

Large withdrawals of ETH from staking are often perceived as a bearish indicator, with traders fearing impending selling pressure. However, Sassano suggested that Klin may «relock the assets using new validator keys.»

At the time of writing, Ethereum is trading at about $4,300. Over the past day, the coin’s price has dropped by 0.6%.

In recent weeks, Ethereum has traded within the range of $4,200 to $4,500 amid declining interest from both retail and institutional investors. Compared to the end of August, trading volume for the cryptocurrency has fallen by 85% — from $18.5 billion on August 22 to $2.6 billion on September 8, according to Glassnode.

The CVD indicator has slightly stabilized after the selling pressure eased. However, its value remains significantly lower than the peaks reached in August.

MN Capital founder Michael van de Poppe believes that the price of the second-largest cryptocurrency could dip to $3,500-$3,800.

One leg down for $ETH, touching the green zone and only moving up from there.

That would be my ideal scenario. pic.twitter.com/ac0z6HpMB9

Earlier, analysts at Santiment also noted a shift in trader sentiments, with expectations of ETH’s price dropping to $3,500. However, markets often move contrary to crowd expectations, potentially signaling an «ideal time to buy,» the experts added.

Crypto investor Ted Pillow identified significant liquidity pools in the range of $3,600-$4,000. He surmised that the cryptocurrency’s price could fall to these levels, but speculated that after the correction, Ethereum could experience another upward cycle.

$ETH has adequate liquidity clusters around the $3,600-$4,000 level.

Ethereum’s price action appears weak due to macro uncertainties and low ETF demand.

It seems likely that a sweep of lower liquidity could take place before a reversal. pic.twitter.com/9Md1S5kP77

As a reminder, on September 2, the Ethereum inflow into staking exceeded 860,000 ETH valued at $3.7 billion. This marked a peak since 2023.