Scammers steal $2M in ETH as fake GIWA network fools DYORSWAP
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Scammers stole about $2 million worth of Ether (ETH) from a fraudulent bridge pretending to be connected to the GIWA blockchain, which decentralized exchange DYORSWAP initially mistook for the actual GIWA mainnet. GIWA, an Ethereum layer-2 network, clarified that its mainnet has not yet launched and warned that the supposed mainnet connection details circulating online were fake. DYORSWAP paid over 200 ETH in compensation to affected users and stated its contracts had not been compromised.
Why it matters
This event highlights the risks of interacting with fake or fraudulent blockchain networks, especially in the decentralized finance (DeFi) space. The incident underscores the importance of verifying network legitimacy to prevent substantial financial losses, though the source does not explicitly elaborate on broader market or regulatory impacts.
Key context
GIWA is an Ethereum layer-2 network developed by Upbit operator Dunamu that launched its Sepolia testnet in September 2025 using Optimism's OP Stack. The mainnet has not yet launched. In April, Dunamu and partners Hana Financial and POSCO International agreed to test a GIWA Chain-based cross-border remittance system. The scam involved a fake GIWA network tricking DYORSWAP into bridging funds to it.
Key numbers and entities
DYORSWAP paid over 200 ETH in compensation and reported that scammers received and drained about 767.65 ETH from 1,335 addresses. GIWA is developed by Dunamu, the operator of Upbit, and partners include Hana Financial and POSCO International. The scam involved approximately $2 million in stolen ETH.
What remains unclear
The article does not clarify how the scammers created the fake GIWA network or the detailed mechanism behind the bridge deception. It is also unknown what security measures DYORSWAP will implement following the incident or whether law enforcement is involved in the ongoing investigation.