Crypto NewsEthereumKraken Pulls Billion-Dollar Ethereum After Update!

Kraken Pulls Billion-Dollar Ethereum After Update!

US-based Kraken took action to withdraw billion-dollar ETH tokens with the Shapella upgrade following the sanctions decisions.

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United States-based cryptocurrency exchange Kraken launched a withdrawal request for the large amount of ETH it staked after the Ethereum Shapella update.

While Kraken provides a joint staking pool service for investors who do not have enough ETH, the staking service was suspended due to the pressure exerted by the US government institutions on the stock market. The SEC treated the proceeds from the lockdown activity as "securities" and fined Kraken $30 million.

In a statement made after the decision, the exchange announced that it would take back the ETH tokens deposited by customers after the update.

How Much ETH Will Kraken Draw?

The leading crypto trading platform has taken action to withdraw $1 billion of the $2.5 billion Ethereum that it has locked into the system. According to market watcher Nansen, this figure accounts for 66% of instant withdrawal requests.

Crypto tracker Dune Analytics has revealed that Kraken is the third-largest company in the pool, behind Lido and Coinbase. Market players locking ETH on the network put 15% of the current supply (17.4 million) out of circulation.

Kraken's withdrawal request is expected to be completed within days. Some analysts are worried that billion-dollar ETH tokens will create selling pressure.

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