Scammers have stolen approximately $2 million in Ether (ETH) through a fraudulent bridge for a fake GIWA blockchain. Decentralized exchange (DEX) DYORSWAP stated that it initially mistook the network for the official project mainnet.
According to a reconstruction published by DYORSWAP on Monday, the fraudulent bridge received roughly 767.65 ETH from 1,335 addresses, of which the scammers successfully drained 766.25 ETH.
The incident prompted warnings from GIWA, an Ethereum layer-2 network developed by Upbit operator Dunamu. On Sunday, the project clarified that its mainnet has not yet launched, stating that any purported mainnet connection details circulating online are false and that its mainnet is not currently running.
Dunamu originally launched GIWA's Sepolia testnet in September 2025 using Optimism's OP Stack. In April, Dunamu partnered with Hana Financial and POSCO International to test a GIWA Chain-based cross-border remittance system utilizing real trade transactions.
Following the exploit, DYORSWAP confirmed that its own contracts were not compromised. The exchange stated it is currently tracing the bridge deployer, funding sources, suspected test wallets, and the recipient addresses of the stolen funds. Additionally, DYORSWAP reported that it has used its own funds to pay more than 200 ETH in compensation to affected users.
