Fake GIWA bridge scam drains $2M in ETH from 1,335 users
In brief
- Fake GIWA bridge stole $2M in ETH from 1,335 users via DYORSWAP DEX
- Scammers drained 766.25 ETH; bridge received 767.65 ETH total before detection
- DYORSWAP compensated victims with 200+ ETH from its own reserves
- GIWA is Dunamu's unreleased Ethereum layer-2; Sepolia testnet launched September 2025
The Scam
Scammers stole about $2 million in Ether from a bridge for a fake GIWA blockchain that DYORSWAP initially mistook for the project's mainnet. The fraudulent bridge received approximately 767.65 ETH from 1,335 addresses, and scammers drained 766.25 ETH before the scheme unraveled.
The attack exploited the gap between expectation and reality. GIWA, an Ethereum layer-2 network developed by Upbit operator Dunamu, stated that its mainnet had not launched and warned that purported mainnet connection details circulating online were false. Dunamu had only launched GIWA's Sepolia testnet in September 2025 using Optimism's OP Stack — a clear signal that production deployment was still months away.
Yet scammers created a convincing bridge interface and promoted it as the official GIWA mainnet entry point. Users, trusting DYORSWAP's initial listing, deposited ETH. The DEX's infrastructure didn't catch the fraud in time.
Response and Recovery
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. The exchange moved quickly to limit damage. DYORSWAP paid more than 200 ETH to affected users using its own funds, offsetting a portion of losses upfront.
This wasn't DYORSWAP's first brush with bridge risk. The incident underscores the hazard of listing infrastructure before projects have launched production systems. Scammers exploit the lag between testnet deployment and mainnet readiness — a window where confusion is easy to manufacture and hard to detect in real time.
Dunamu's GIWA has legitimate partnerships backing it. In April, Dunamu, Hana Financial and POSCO International agreed to test a GIWA Chain-based cross-border remittance system using real trade transactions. But the real mainnet launch remains pending, and until it goes live, imitators will find fertile ground.
