Leaked Railway Key Triggers Unbacked Rate Hikes, Forces Swell to Halt swETH, rswETH Withdrawals
Photo: TheCoinrise
The liquid restaking protocol halted redemptions while it works to correct exchange rates distorted by a compromised infrastructure key Swell Network has suspended withdrawals for two of its flagship liquid restaking tokens, swETH and rswETH, after discovering unbacked increases in their exchange rates. The protocol linked the issue to a leaked key associated with Railway, a cloud deployment platform used in parts of its infrastructure. Liquid restaking tokens like swETH and rswETH represent staked or restaked ether held on behalf of users. Each token's exchange rate reflects how much underlying ETH it should be redeemable for.
Source: TheCoinrise
