Swell suspended swETH and rswETH deposits and withdrawals, with plans to correct NAV before resuming
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AT A GLANCE
Swell suspended swETH and rswETH deposits and withdrawals, with plans to correct NAV before resuming; the restoration timeline has not yet been announced.
Article
Swell suspended swETH and rswETH deposits and withdrawals pending correction of the net asset value, after which access services will resume
PANews October 24 reported that, according to Swell an announcement published by October 23 the team has suspended deposits and withdrawals for swETH and rswETH and is working with security partners and incident response teams to strengthen infrastructure security.Seal911 The next step toward resuming normal operations is to correct the net asset value (NAV) of the tokens to the correct levels, after which deposit and withdrawal services will reopen.Swell said that all funds are safe, has not announced a restoration timeline, and reminded users to beware of related phishing information. Previously,Swell said it was investigating suspicious activity involving swETH and rswETH contracts.
PANews reported that Swell has suspended swETH and rswETH deposits and withdrawals.
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Swell is working with security partners and incident response teams to Seal911 strengthen infrastructure security.
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The next step toward resuming operations is to correct the net asset value (NAV) of the tokens to the correct levels, after which deposit and withdrawal services will reopen.
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Swell said that all funds are safe, but has not announced a restoration timeline.
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Swell reminded users to beware of related phishing information and said it was investigating suspicious activity involving swETH and rswETH contracts.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
Users currently cannot use Swell to deposit or withdraw swETH and rswETH. The team said it must first correct the NAV of the tokens before restoring services.NAV may be understood as the net value level of the assets corresponding to the tokens; the need for correction means that the current valuation is still being addressed by the project team.
Why it matters to readers
Suspension of deposits and withdrawals limits users from redeeming or transferring the relevant tokens;NAV the correction is still pending, creating uncertainty around token valuation and service restoration arrangements.
If you hold swETH or rswETH, rely on official channels, watch for restoration announcements, and beware of phishing content that uses this incident to induce you to click links, authorize wallets, or provide information.
Risks and unknowns
Swell No specific time for resuming deposits and withdrawals has been announced.
The cause, scope of impact, and investigation findings regarding the suspicious contract activity have not been disclosed.
“All funds are safe” is Swell’s statement; the original text provides no independent verification evidence.
NAV The extent, cause, and specific correction method for the deviation have not been explained.
Related Developments
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Related concepts
NAV
Net asset value, the value calculated by the fund based on the assets it holds,ETF is calculated multiple times during the trading day.
