Swell is examining activity involving swETH and rswETH contracts, while on-chain analyst Spreek says four upgrade contracts could put about 2,500 Ether (ETH) at risk if executed.
Swell said no Ether had moved out through deposit or withdrawal contracts linked to either token by the time of its update. The protocol said security partners are helping with the review and that it is taking preventive measures. It told token holders that no response was required during the ongoing review.
Spreek separately raised the possibility that Swell DAO administrator keys had leaked and said there may be a connection to Railway. EconoTimes previously reported that the upgrade contracts were deployed, but had not yet been added to the multisignature execution queue, in its earlier coverage of the potential exposure. Spreek described the 2,500 ETH figure as a possible loss if the upgrades were executed, not a confirmed theft. Swell’s review is continuing with security partners.
