DYORSWAP Alerts Users of GIWA Mainnet Scam Resulting in 766 ETH Losses
Written with artificial intelligence.
DYORSWAP, a multi-chain decentralized exchange (DEX), has issued a warning regarding a fraudulent GIWA mainnet that misled users into thinking it was legitimate, resulting in losses of approximately 766 ETH. The actual GIWA mainnet has not yet launched, and DYORSWAP is working with security teams to trace the funds and compensate affected users.
Background on the Scam
On September 27, DYORSWAP posted on X, revealing that a purported GIWA mainnet was actually a scam designed by fraudsters. This fake chain utilized the authentic GIWA chain ID (9134), which contributed to its deceptive nature. As a result, users who interacted with a false cross-chain bridge suffered a collective loss of about 766 ETH.
Current Actions by DYORSWAP
DYORSWAP is actively collaborating with its security team to track the flow of the lost funds and gather evidence related to the scam. The DEX has announced plans to utilize treasury funds to compensate the affected users, with specific details to be disclosed following an investigation into the incident.
Context on GIWA Chain
Previously, there were reports of the Optimism Foundation partnering with Upbit to launch the GIWA Chain. However, it is important to note that the actual GIWA mainnet has not been deployed yet. Users are advised to exercise caution and verify the authenticity of new projects before engaging with them.