Decentralized exchange DYORSWAP recently fell victim to a fraudulent scheme involving a fake GIWA blockchain network. Scammers successfully stole approximately $2 million in Ether by creating a deceptive bridge that the exchange initially mistook for the official mainnet of the project.
According to a report from DYORSWAP, the malicious bridge collected about 767.65 ETH from 1,335 different addresses. The attackers managed to drain 766.25 ETH from the pool. The exchange clarified that its own smart contracts remained secure throughout the incident.
Dunamu, the operator of Upbit and the developer of the actual GIWA Ethereum layer-2 network, confirmed that its mainnet has not yet launched. The company warned that any connection details currently circulating online are fraudulent. Dunamu previously launched the GIWA Sepolia testnet in September 2025.
In response to the theft, DYORSWAP has initiated an investigation to trace the bridge deployer and the destination addresses of the stolen funds. The exchange has already utilized its own capital to provide over 200 ETH in compensation to the users affected by the scam.
