Heads up, DeFi: a security researcher just flagged what could be a live attack in progress on Swell.
Spreek — a known on-chain investigator — reports that the keys behind Swell DAO's swETH and rswETH appear compromised. The attacker has been inflating the tokens' net asset value by up to 1% per hour with no real backing, and four malicious upgrade contracts are already deployed. If those clear the multisig, roughly 2,500 ETH (~$6M) in Swell's withdrawal and deposit contracts could be drained.
Two caveats: nothing has been stolen yet — the contracts are deployed but not queued for execution — and the compromise is a suspicion, not a confirmed breach. Spreek's own write-up flags the possible link to the Railway cloud platform as pure timing correlation, and Swell has not issued an official statement.
If you hold swETH or rswETH, this is a sit-tight-and-watch-for-official-word moment. And it raises an uncomfortable question: how many protocols are one compromised key away from a $6M hole?
When the alarm goes off — withdraw first and ask later, or wait for confirmation?
#DeFi #Security #Ethereum #SwellAlert
Spreek — a known on-chain investigator — reports that the keys behind Swell DAO's swETH and rswETH appear compromised. The attacker has been inflating the tokens' net asset value by up to 1% per hour with no real backing, and four malicious upgrade contracts are already deployed. If those clear the multisig, roughly 2,500 ETH (~$6M) in Swell's withdrawal and deposit contracts could be drained.
Two caveats: nothing has been stolen yet — the contracts are deployed but not queued for execution — and the compromise is a suspicion, not a confirmed breach. Spreek's own write-up flags the possible link to the Railway cloud platform as pure timing correlation, and Swell has not issued an official statement.
If you hold swETH or rswETH, this is a sit-tight-and-watch-for-official-word moment. And it raises an uncomfortable question: how many protocols are one compromised key away from a $6M hole?
When the alarm goes off — withdraw first and ask later, or wait for confirmation?
#DeFi #Security #Ethereum #SwellAlert