Scammers steal $2M in ETH by tricking DYORSWAP with fake GIWA network bridge
Scammers stole about $2 million in Ether through a bridge for a fake GIWA blockchain, which decentralized exchange DYORSWAP initially mistook for the project’s mainnet bridge. GIWA, an Ethereum layer-2 network developed by Dunamu, denied launching its mainnet and warned about false connection details circulating online.
Incident details and theft scale
DYORSWAP's investigation revealed that the fraudulent bridge received about 767.65 ETH from 1,335 addresses, with scammers ultimately draining 766.25 ETH. Importantly, DYORSWAP's contracts themselves were not compromised during the hack.
GIWA, an Ethereum layer-2 network developed by Dunamu—the operator of the Upbit exchange—officially stated that their mainnet has not yet launched. They warned that connection details circulating online claiming to be for the mainnet are false.
Background and DYORSWAP response
Dunamu launched GIWA's Sepolia testnet in September 2025 utilizing the Optimism OP Stack. In April 2026, Dunamu partnered with Hana Financial and POSCO International to test a GIWA Chain-based cross-border remittance system involving actual trade transactions.
DYORSWAP reported that they are tracking the deployer of the fake bridge, sources of funding, suspected test wallets, and addresses that received the stolen funds. Additionally, DYORSWAP has used their own funds to compensate affected users with over 200 ETH paid out so far.
Why it matters
This incident highlights the security risks posed to cryptocurrency users and decentralized exchanges, especially amid the emergence of fake projects and bridges that can deceive even experienced operators. It serves as an important warning about the necessity of thorough due diligence and infrastructure verification, as well as prompt response and compensation by services when thefts occur.
Prepared from the source material with AI-assisted editing and checked against the supplied facts.
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