Swell: researcher reports swETH and rswETH admin keys look compromised
Update
On-chain rate still reads about 6% high
24 Oct: no new Swell post since the pause. 082. Market prices sit closer to the clean value. Swell has not posted a reopening time or a confirmed ETH loss.
The 2,500 ETH figure is still exposure if the upgrades ran.
Update
Deposits and withdrawals paused with SEAL 911
23 Oct: Swell paused swETH and rswETH deposits and withdrawals while it works with security partners and SEAL 911.
It says the next step is to return the token exchange rate to the correct value, and that all funds are safe. Swell still has not confirmed a key compromise.
The 2,500 ETH figure remains what the deployed upgrades could reach if they ran.
22 Oct 2026: researcher Spreek reports the admin keys for Swell's swETH and rswETH appear compromised, with the exchange rate pushed up and four malicious upgrades deployed but not executed.
He estimates those upgrades could reach about 2,500 ETH if they ran. Swell says it is investigating suspicious activity with security partners, and that no ETH has left the swETH or rswETH deposit or withdrawal contracts.
Swell has not confirmed a key compromise. A Railway link is the researcher's timing guess, not a confirmed tie. Research snapshot from Spreek and Swell.
369 take
Deposits and withdrawals are still paused. The on-chain exchange rate still reads about 6% above the last clean value.
Do not use swETH or rswETH as collateral until Swell reopens and resets that rate. Ignore claim or migration links that are not on Swell's own channels.
Sources