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

What happened

DYORSWAP said it paid more than 200 ETH in compensation, while Upbit operator Dunamu’s GIWA warned that its mainnet had not launched. GIWA, an Ethereum layer-2 (a network built on top of a blockchain to make transactions cheaper) 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.

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. 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.

DYORSWAP said it had used its own funds to pay more than 200 ETH to affected users. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information.