Timeline
- 7.5
Swell Pauses swETH and rswETH Deposits and Withdrawals Amid Abnormally High Cont
Ethereum staking protocol Swell has paused deposits and withdrawals for its swETH and rswETH tokens until it corrects the tokens' net asset values and exchange rates. Data showed the swETH and rswETH contracts reporting exchange rates of roughly 1.203 ETH and 1.138 ETH respectively — about 6% and 5% above normal levels. On-chain analyst Spreek suspected a compromise of the tokens' admin keys and identified a malicious upgrade contract that could affect around 2,500 ETH, which has not yet been executed. Halting deposits and withdrawals means holders of both tokens temporarily cannot redeem them through the protocol. Swell said no ETH has been transferred out of the affected contracts and that the exact cause remains under investigation. The suspected malicious upgrade had not been executed at the time of reporting.
- 8.0
Swell Pauses swETH and rswETH Deposits and Withdrawals
Swell, a liquid staking and restaking protocol, has suspended deposits and withdrawals for its swETH liquid staking token and rswETH liquid restaking token, saying it is working with security partners and SEAL 911 to fully remediate its infrastructure. The team said its next step is to restore NAV (net asset value) to the correct level, after which it will reopen deposits and withdrawals. Suspending both deposits and withdrawals freezes user exit paths, leaving holders of swETH and rswETH unable to redeem on the protocol while the issue is investigated. Swell stated that all user funds are safe. Swell said the day before that it had noticed reports of suspicious activity involving the swETH and rswETH contracts. The team warned that phishing attacks tend to increase during such incidents and urged users to rely only on official channels.