Odaily Planet Daily reports that, according to Spreek monitoring, the admin key for Swell DAO’s swETH and rswETH appears to have been compromised. The attacker inflated the tokens’ net asset value (NAV) by up to 1% per hour without asset backing. The attacker also deployed four malicious upgrade contracts that, if executed, could steal approximately 2,500 ETH. These contracts have not yet entered the multisig execution queue. Spreek speculates the incident may be related to the cloud deployment platform Railway, but notes this assessment is based solely on timing correlation and lacks conclusive evidence.
Swell DAO's admin key suspected to be compromised, 2,500 ETH at risk
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Summary
Swell DAO's admin key may have been compromised, with attackers inflating the NAV of swETH and rswETH by up to 1% per hour. Four malicious upgrade contracts are currently queued, potentially targeting 2,500 ETH. ETH news sources such as Odaily have reported the breach, while Spreek links it to Railway, though this remains unconfirmed. ETH update alerts indicate the contracts have not yet received multi-signature approval.
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