A fake blockchain posing as GIWA’s mainnet siphoned roughly $2 million in Ether from users through a bridge that decentralized exchange DYORSWAP initially treated as legitimate. In a reconstruction released Monday, DYORSWAP said the fraudulent bridge took in about 767.65 ETH from 1,335 addresses, with 766.25 ETH later drained by the scammers. GIWA, an Ethereum layer-2 network built by Upbit operator Dunamu, said on Sunday that its mainnet had not launched and that connection details circulating online were false. The project stated plainly that it does not currently have a mainnet running. DYORSWAP said its own contracts were not compromised and that it is tracing the bridge deployer, funding sources, suspected test wallets and recipient addresses. The exchange also said it used its own funds to compensate affected users with more than 200 ETH. Dunamu launched GIWA’s Sepolia testnet in September 2025 on Optimism’s OP Stack, and in April it agreed with Hana Financial and POSCO International to test a GIWA Chain-based cross-border remittance system using real trade transactions.
DYORSWAP said scammers stole about $2 million in Ether from a bridge tied to a fake GIWA blockchain after the decentralized exchange initially mistook it 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 attackers drained 766.25 ETH.
GIWA, an Ethereum layer-2 network developed by Upbit operator Dunamu, said on Sunday that its mainnet had not launched. It also warned that purported mainnet connection details circulating online were false.
The project wrote, "We do not have our mainnet running currently."
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. The team said it was tracing the bridge deployer, funding sources, suspected test wallets and the addresses that received the funds.
It also said it had used its own funds to pay more than 200 ETH in compensation to affected users.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
