Key facts
- Scammers stole approximately $2 million in Ether (ETH) from a bridge for a fake GIWA blockchain.
Scammers stole approximately $2 million in Ether from a bridge for a fake GIWA blockchain, which a decentralized exchange, DYORSWAP, initially mistook for the project's mainnet. DYORSWAP has compensated affected users with over 200 ETH while tracing the fraudulent bridge.
The incident highlights the risks of interacting with unverified blockchain networks and bridges, leading to significant financial losses for users and demonstrating the ongoing challenges in distinguishing legitimate projects from scams in the decentralized finance space.
Scammers have stolen approximately $2 million in Ether (ETH) by creating a fraudulent bridge for a fake GIWA blockchain, which the decentralized exchange DYORSWAP initially believed to be the project's mainnet. DYORSWAP reported that the fraudulent bridge received about 767.65 ETH from 1,335 addresses, with scammers draining 766.25 ETH.
GIWA, an Ethereum layer-2 network developed by Upbit operator Dunamu, issued a warning on Sunday stating that its mainnet has not yet launched and that any circulating connection details are false. Dunamu launched GIWA's Sepolia testnet in September 2025. In April, Dunamu, Hana Financial, and POSCO International agreed to test a cross-border remittance system using GIWA Chain.
DYORSWAP stated that its own contracts were not compromised and that it is actively tracing the bridge deployer, funding sources, suspected test wallets, and the addresses that received the stolen funds. The exchange has used its own funds to pay over 200 ETH in compensation to affected users.
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