Spreek Flags Security Concern for Swell DAO’s swETH and rswETH Admin Keys

Crypto analyst Spreek warned that Swell DAO administrator keys for swETH and rswETH may have been exposed, putting holders at risk and potentially enabling theft of about 2,500 Ether (ETH).

Spreek's onchain monitoring pointed to a possible connection between the suspected exposure and Railway. The assessment described an attacker lifting the tokens' net asset value (NAV) by as much as 1% each hour without asset backing. Spreek flagged four upgrade contracts as malicious; they had been deployed but were not in the multisignature queue.

Spreek described the 2,500 ETH as a potential theft amount, not a completed loss. He also disclosed that Claude helped draft the incident analysis. Some details had not been verified, he said, though he considered the core information broadly accurate. Both the key exposure and possible Railway connection were framed as suspicions.