The private keys of Swell DAO have been compromised, giving an attacker access to the bot that updates token prices. As a result, SWETH and RSWETH prices are increasing by about 1% per hour without actual collateral. The potential loss is estimated at 2,500 ETH, but the attacker is currently unable to withdraw the acquired ETH from the protocol.

Access to the price bot is causing artificial inflation of token prices without collateral. The described circumstances and price manipulation parameters are detailed in the incident report.

For context: the project previously operated its own L2 for ETH, but it was closed in April 2026.