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Swell has suspended swETH and rswETH deposits and withdrawals, saying it will first correct the net asset value (NAV) of the tokens before resuming services; no restoration timeline has been announced.
restaking protocol Swell suspended swETH and rswETH deposits and withdrawals, is working with security partners to address infrastructure security issues, and plans to restore services after fixing NAV. The team said that user funds are currently safe.
Swell stated that it is investigating swETH and rswETH suspicious activity in the contracts and has taken precautionary measures; the relevant withdrawal and deposit contracts currently have no ETH outflows. An analyst previously stated that the administrator key may have been compromised, potentially allowing malicious contract upgrades.