According to security researcher Spreek (@spreekaway), the management key for Swell DAO’s swETH and rswETH appears to have been compromised, with the attacker artificially inflating the asset-backed NAV by up to 1% per hour. Four malicious contract upgrades have been detected and deployed but have not yet been queued for execution via multisig; if executed, they could steal approximately 2,500 ETH.
According to ADL (@ADLXBT), if an attacker gains control of the management key, they can redirect the swETH/rswETH proxy to a malicious implementation contract, triggering minting or withdrawal functions to inflate the NAV without asset backing.
Spreek stated that it is still speculative whether this incident is related to the Railway platform; currently, it is merely a temporal coincidence, with no concrete evidence available. The incident report published by Spreek was generated by Claude, and some of its content has not yet been verified.
Swell DAO's swETH and rswETH management keys suspected to be leaked; four malicious upgrade contracts deployed
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Summary
A blockchain upgrade vulnerability has emerged as Swell DAO’s swETH and rswETH management keys are suspected to have been compromised. Security researcher Spreek reported that attackers are inflating the NAV by up to 1% per hour without asset backing. Four malicious upgrade contracts have been deployed but not yet queued via multisig; if executed, they could drain approximately 2,500 ETH. ADL noted that the compromised keys grant proxy admin rights, enabling attackers to redirect contracts and trigger minting or withdrawals. Spreek stated that a potential link to Railway remains unproven.
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