The Ethereum network’s just completed Shanghai upgrade represents a glowing exit sign for some centralized entities.

The update, which went live on Wednesday at 6:27 p.m. EST, made it possible for validators who secured the network with more than 18 million ETH to initiate withdrawals. Those withdrawals fall into two main categories: partial withdrawals, which allow validators to collect their rewards and leave at least 32 ETH deposited to keep generating rewards, and full withdrawals, which pull everything off the network.

By Wednesday evening, crypto exchange Huobi, decentralized exchange PieDAO, decentralized finance protocol Staked.us, and crypto exchange Kraken were among the entities to be in line to make withdrawals, according to a Nansen dashboard.

Kraken is among the firms in line to fully exit as a network validator. In February, the company agreed to stop offering its staking products to U.S. customers as part of its $30 million settlement with the U.S. Securities and Exchange Commission. 

Marco Santori, Kraken chief legal officer, told Decrypt during an interview for an upcoming podcast that the SEC knew Kraken would have to wait until withdrawals became available to make good on that part of the settlement. 

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Author: Stacy Elliott

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