Swell Freezes swETH and rswETH Withdrawals Until It Corrects Their Exchange Rates
By Unchained
AI summary of the source article
Swell paused deposits and withdrawals for its swETH and rswETH tokens after contract exchange rates were artificially inflated. The team stated that all funds remain safe and must return net asset values to correct levels before reopening.
Key facts
- Swell halted swETH and rswETH deposits and withdrawals until it can return net asset values to their correct levels.
- Contract rates rose roughly 5% to 6% above clean levels amid reports of compromised admin keys, but Swell reported no ETH left the contracts.
- According to DefiLlama, swETH and rswETH each hold approximately $29 million.
Source excerpt · Unchained
Holders can't redeem through Swell for now, and on DEXs the tokens fetch well below the inflated rate their contracts report. The post Swell Freezes swETH and rswETH Withdrawals Until It Corrects Their Exchange Rates appeared first on Unchained .