Swell suspends swETH and rswETH transactions following exchange rate anomalies

Ethereum liquid staking protocol Swell has paused deposits and withdrawals for its swETH and rswETH tokens. The decision, announced on October 23, 2026, follows reports that the tokens' exchange rates rose significantly above their actual net asset value (NAV).

On October 23, the swETH contract reported approximately 1.203 ETH per token, roughly 6% above its previous stable reading of 1.133 ETH. Similarly, rswETH reported approximately 1.138 ETH, about 5% above its 1.082 baseline. These reported values diverged sharply from market prices on decentralized exchanges like Uniswap and Curve.

The suspension follows warnings from on-chain analysts regarding potentially compromised administrative keys. Swell stated it is working with security partners and Seal911 to secure its infrastructure and restore accurate valuations. The protocol has maintained that all user funds remain safe and that no ETH has left the affected deposit or withdrawal contracts.