Fake GIWA Blockchain Scam Results in $2 Million Loss
Written with artificial intelligence.
Scammers exploited a fraudulent bridge linked to a fake GIWA blockchain, stealing approximately $2 million in Ether (ETH). DYORSWAP has compensated affected users with over 200 ETH while the legitimate GIWA project clarified that its mainnet has not launched.
Overview of the Scam
The decentralized exchange DYORSWAP reported a significant loss of around $2 million in Ether (ETH) due to a scam involving a fake GIWA blockchain. The fraudulent bridge associated with this scam received approximately 767.65 ETH from 1,335 different addresses, with the scammers successfully draining 766.25 ETH.
GIWA's Clarification
GIWA, an Ethereum layer-2 network developed by Dunamu, publicly stated that its mainnet has not launched and warned users that any details regarding a purported mainnet connection circulating online are false. They emphasized, "We do not have our mainnet running currently."
Ongoing Investigations and Compensation
Despite the scam, DYORSWAP confirmed that its own contracts were not compromised. The team is actively tracing the bridge deployer, funding sources, and the wallets involved in the transaction. To support affected users, DYORSWAP has utilized its own funds to compensate over 200 ETH to those impacted by the scam.