Scammers steal $2M in ETH as fake GIWA network fools DYORSWAP

Scammers stole about $2 million in Ether (ETH) from a bridge for a fake GIWA blockchain that decentralized exchange (DEX) DYORSWAP said it initially mistook for the project’s mainnet.

In a reconstruction published Monday, DYORSWAP said the fraudulent bridge received about 767.65 ETH from 1,335 addresses. The scammers drained 766.25 ETH.

GIWA, an Ethereum layer-2 network developed by Upbit operator Dunamu, said on Sunday that its mainnet had not launched and warned that purported mainnet connection details circulating online were false.

“We do not have our mainnet running currently,” the project wrote.

Dunamu launched GIWA’s Sepolia testnet in September 2025 using Optimism’s OP Stack. In April, Dunamu, Hana Financial and POSCO International agreed to test a GIWA Chain-based cross-border remittance system using real trade transactions.

DYORSWAP said its contracts had not been compromised and that it was tracing the bridge deployer, funding sources, suspected test wallets and the addresses that received the funds.

DYORSWAP said it had used its own funds to pay more than 200 ETH to affected users.

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