Swell has suspended deposits and withdrawals for swETH and rswETH to correct abnormal exchange rates.

At 2:39 AM EST on October 23, Swell suspended deposits and withdrawals of swETH and rswETH to correct net asset value. On-chain data showed that at 4:48 PM, the contract reported swETH at approximately 1.203 ETH and rswETH at approximately 1.138 ETH, higher than the exchange rates of 1.133 and 1.082 as identified by Spreek; on the DEX, swETH was approximately 1.089 WETH and rswETH was approximately 1.029 WETH. Spreek stated that the administrator key was suspected of being compromised at 9:28 PM on October 21, and the attacker deployed a malicious contract that could extract approximately 2513 ETH. Phylax Systems founder Odysseus stated that it was an abuse of the BOT key. Railway disclosed that it did not authorize any third party or read customers' encrypted environment variables. Swell stated that the funds are safe.