Swell Investigates Suspected Malicious Activity in swETH and rswETH Contracts

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On October 22 (UTC+8), Swell announced it has identified potential malicious activity in its swETH and rswETH contracts. The protocol is collaborating with security partners to investigate and has implemented preventive measures. No ETH has been deposited or withdrawn, and users are advised to take no action. On-chain reports suggest that the admin keys for the contracts may have been compromised, possibly linked to Railway. A protocol update is expected as the situation evolves.

ME News reports that on October 22 (UTC+8), the restaking protocol Swell tweeted that it has become aware of reports regarding suspicious activity involving the swETH and rswETH contracts. Swell is currently investigating in collaboration with its security partners and implementing necessary precautionary measures. At this time, no ETH has been withdrawn from or deposited into the swETH or rswETH contracts, and users do not need to take any action.
Foresight News previously reported that, according to on-chain analyst Spreek, the administrator keys for Swell DAO’s swETH and rswETH appear to have been compromised (possibly related to Railway). The attacker has now deployed four malicious upgrade contracts, potentially stealing around 2,500 ETH. (Source: Foresight News)

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