On-chain analyst Spreek said the administrator keys tied to Swell DAO’s swETH and rswETH appear to have been exposed, with a possible link to Railway. In his post, he said an attacker is increasing NAV at a pace of as much as 1% per hour without real backing. He also said four malicious upgrade contracts have already been deployed, though they have not yet entered the multisig queue. Spreek estimated the potential exposure at roughly 2,500 ETH. He added that the incident analysis report he published was written with assistance from Claude, and that some details have not yet been verified, though he believes the core information is broadly accurate.
On-chain analyst Spreek said the administrator keys for Swell DAO’s swETH and rswETH may have been compromised, with a possible connection to Railway.
According to his post, an attacker is raising NAV by as much as 1% per hour without actual backing. Spreek also said four malicious upgrade contracts have been deployed, although they have not yet been queued through the multisig process.
He said the potential amount at risk could be about 2,500 ETH. Spreek also disclosed that the incident analysis report he published was written with assistance from Claude. Some details remain unverified, he said, but he believes the core information is largely correct.
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