Swell freezes swETH and rswETH after suspected admin key compromise inflates their NAV

Teaser from the source

On Oct 22 2026 researcher Spreek reported that the admin keys for Swell DAO's swETH and rswETH liquid staking tokens appeared to be compromised: the tokens' NAV was being raised without ETH backing, and four malicious upgrade contracts that could take about 2,500 ETH had been deployed but not yet queued through the multisig. Swell said no ETH had left its deposit or withdrawal contracts, then on Oct 23 at 06:39 UTC paused deposits, withdrawal requests and ETH claims for both tokens until NAV is returned to the correct value. Swell has not confirmed a key compromise or published a cause, and no reopening date has been given.

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