Ethereum unstaking wait time hits record high of over 46 days

The wait time to unstake Ethereum has surged to over 46 days amid a growing backlog, marking an all-time high for the network, CoinDesk reported on Monday. This is a significant increase from the previous peak of around 18 days recorded in August. Currently, approximately 2.5 million ETH, valued at $11.25 billion, are in the exit queue. The extended wait is largely attributed to an incident on Sept. 9 involving the major staking platform Kiln. Following an exploit that affected the crypto trading and analysis app SwissBorg, Kiln decided to sequentially halt all its validator activities on the Ethereum network. This action resulted in about 1.6 million ETH being added to the withdrawal queue at once.