Scammers steal $2M in ETH as fake GIWA network fools DYORSWAP
DYORSWAP said it paid more than 200 ETH in compensation, while Upbit operator Dunamu’s GIWA warned that its mainnet had not launched.
Fake GIWA network cost DYORSWAP $2 million in stolen ETH, warns Upbit's GIWA operator
DYORSWAP disclosed on Monday that scammers had siphoned approximately $2 million worth of Ether (ETH) from a bridge for a counterfeit GIWA blockchain, initially mistaking it for the project's mainnet. The fraudulent bridge allegedly received about 767.65 ETH from 1,335 addresses, resulting in the loss of 766.25 ETH. GIWA, an Ethereum Layer-2 network designed by Upbit operator Dunamu, announced on Sunday that its mainnet had not yet launched and cautioned that circulating details of its mainnet connection were false.
Upbit's GIWA warned on Sunday that its mainnet had not been operational and emphasized that the purported mainnet connection information circulating online was incorrect. "We do not have our mainnet running currently," GIWA stated. In April, Dunamu, along with Hana Financial and POSCO International, had agreed to test a cross-border remittance system using the GIWA Chain on real trade transactions.
DYORSWAP clarified that its contracts remained unbreached and that investigators were currently tracking down the bridge deployer, funding sources, suspected test wallets, and addresses that received the stolen funds. To compensate affected users, DYORSWAP allocated more than 200 ETH from its own resources.
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