Security· ★★★★· bearish·

Swell halts deposits and withdrawals over suspected $2,500 ETH exploit risk

  • —Swell froze deposits and withdrawals for swETH and rswETH pending a fix to NAV and ETH backing
  • —Contracts showed 1.203 ETH per swETH and 1.138 ETH per rswETH, about 6% and 5% above normal
  • —Spreek suspects compromised admin keys and a malicious upgrade putting ~2,500 ETH at risk
  • —The upgrade has not been executed and no ETH has been moved out of the contracts
Why it matters: The incident tests trust in admin keys at staking protocols; a confirmed exploit would hit swETH and rswETH holders.
#ETH
Source: Koin Bülteni
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