A snapshot of the crypto world: another staking platform’s admin keys may have been compromised.
Swell’s swETH/rswETH was flagged by security researcher Spreek: the operational hot wallet may have been breached. The hacker allegedly inflated the exchange rate by 1% every hour, conjuring NAV out of thin air, and had already set up four malicious upgrade contracts—just waiting for an upgrade proposal to pass so they could siphon off around 2,500 $ETH (worth over $6 million).
Plot twist: the researcher admitted that the incident report was AI-generated and that some details hadn’t been verified. But the malicious contracts are right there on-chain, and the hacker really did make a move.
Time for a snapshot of the reactions:
Swell official account: No announcement yet. Probably rebooting the servers through the night.
Hacker: The contracts are all ready. Just waiting for someone to sign while half-asleep.
swETH holders: I was just complaining yesterday that the exchange rate was rising too slowly…
LSD skeptics: This is exactly why I never use second-tier staking tokens.
Cloud provider Railway: First they said their own environment variables had been exposed, and now the blame’s coming right back around.
The comments section is open: Do you believe this was a real hack, or is the researcher just chasing clout? If you’re holding swETH, are you pulling out or waiting? Sound off.
$BTC $SOL
Swell’s swETH/rswETH was flagged by security researcher Spreek: the operational hot wallet may have been breached. The hacker allegedly inflated the exchange rate by 1% every hour, conjuring NAV out of thin air, and had already set up four malicious upgrade contracts—just waiting for an upgrade proposal to pass so they could siphon off around 2,500 $ETH (worth over $6 million).
Plot twist: the researcher admitted that the incident report was AI-generated and that some details hadn’t been verified. But the malicious contracts are right there on-chain, and the hacker really did make a move.
Time for a snapshot of the reactions:
Swell official account: No announcement yet. Probably rebooting the servers through the night.
Hacker: The contracts are all ready. Just waiting for someone to sign while half-asleep.
swETH holders: I was just complaining yesterday that the exchange rate was rising too slowly…
LSD skeptics: This is exactly why I never use second-tier staking tokens.
Cloud provider Railway: First they said their own environment variables had been exposed, and now the blame’s coming right back around.
The comments section is open: Do you believe this was a real hack, or is the researcher just chasing clout? If you’re holding swETH, are you pulling out or waiting? Sound off.
$BTC $SOL