Unbacked rate hikes hit Swell's swETH and rswETH after Railway's key leak

Spreek, a security researcher, said on October 22 that someone with Swell DAO’s operational hot keys pushed up the exchange rates of its swETH and rswETH liquid staking tokens at the 1% hourly cap without any new ETH behind them. The reports emerged hours after cloud platform Railway revealed that an intruder might have accessed stored secrets of customers. Odysseus counted five hikes of about 1% across both tokens Spreek shared the findings on X at 01:28 UTC, saying the admin keys for both tokens “appear to be compromised (railway related?)”. Attackers were “raising NAV by max 1% (unbacked) each hour,” the post said . Phylax Systems founder Odysseus called it “BOT-key abuse,” noting three swETH and two rswETH rate hikes of about 1% apiece.

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