Celsius’ $800M Ether staking caused a 44-day delay for Ethereum validator queue.

Embattled cryptocurrency lender Celsius Network is disrupting its strategy for staking ether (ETH), which is exacerbating the already long queue for activating new validators on the Ethereum network. In the course of two days, Celsius has been transferring ETH to staking contracts, after redeeming some $813 million of staked ETH from liquid staking leader, Lido Finance. Celsius deposited some $745 million of ETH since June 1. The transfer has stretched the queue to establish new validators on the Ethereum network to 44 days, with Celsius potentially responsible for almost a week of extra time. Celsius’ maneuver to reshuffle its staked ETH stash began when Ethereum’s Shanghai upgrade enabled withdrawals from staking contracts in April. The transfer occurred as the firm restructures after filing for bankruptcy protection in July. Last week, the US bankruptcy court auctioned the lender to winning bidder Fahrenheit, an investment group backed by Arrington Capital.