Swell Probes swETH and rswETH Contracts; No ETH Outflow Reported

Swell is investigating suspicious activity involving its swETH and rswETH contracts, while saying no Ether (ETH) has left the tokens’ deposit or withdrawal contracts so far.

The restaking protocol is working with security partners and taking preventive measures as it reviews the activity. Swell told users that no action is needed. Its update covered both deposit and withdrawal contracts for the two tokens and said neither had seen an Ether outflow.

On-chain analyst Spreek separately flagged a possible leak of Swell DAO administrator keys, with a potential connection to Railway. Spreek also pointed to four malicious upgrade contracts and said they could put about 2,500 ETH at risk.

Spreek framed the key exposure as a possibility, and the 2,500 ETH figure as potential loss rather than confirmed theft. Swell’s update described the current outflow status from the named contracts as zero, even as its review continues with security partners. Swell is a restaking protocol, and the review targets contracts tied to its two named tokens.