Four Swell Upgrade Contracts Remain Outside Multisig Execution Queue.

Swell DAO’s swETH and rswETH tokens may face a loss of about 2,500 Ether (ETH) after blockchain monitor Spreek flagged a suspected compromise of administrator keys and four malicious upgrade contracts.

Spreek described an attacker raising the tokens’ net asset value (NAV) without backing assets at a rate of up to 1% per hour. That reported NAV increase is a separate issue from the potential theft through the upgrade contracts. It concerns the tokens’ stated value, while the contracts present a possible route to ETH.

The contracts have been deployed but have not entered the multisignature (multisig) execution queue. If executed, they could allow the attacker to take about 2,500 ETH. The amount is a potential loss, not a confirmed transfer.

Spreek described the administrator-key compromise as suspected.