Scammers launched a fake Ethereum Layer 2 network masquerading as the unreleased GIWA mainnet, a project developed by Dunamu. The attackers utilized the official chain ID 9134, which was reserved for the legitimate network, to gain credibility. The fraudulent infrastructure included a cross-chain bridge, a batcher, and OP Stack compatibility.
The scheme gained momentum after the decentralized exchange DYORSWAP mistakenly listed the fake network as the official GIWA mainnet. This led to approximately 767.65 ETH being deposited into the fraudulent bridge. In total, the attackers drained roughly 766.25 ETH from 1,335 addresses, with total losses estimated by the community at nearly $2 million.
Following the exposure of the fraud on September 27, GIWA confirmed that its mainnet had not yet launched and that it does not have a native token. DYORSWAP has since initiated a compensation program, having already distributed over 200 ETH to users with larger losses, while smaller losses are being covered at a 40% rate from the exchange's treasury.
