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Scammers launch fake GIWA mainnet and steal $2 million in crypto
Scammers created a fake GIWA mainnet and used a fraudulent cross-chain bridge to steal cryptocurrency. Around 768 ETH worth approximately $2 million was transferred through the bridge from 1,335 addresses.
The incident was uncovered by the DYORSWAP team, which initially mistook the network for the genuine GIWA mainnet. The scheme appeared credible because it used GIWA's correct network identifier, Chain ID 9134.
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Experts later confirmed that the network had been created by scammers. The team also identified suspicious messages and members of the project's associated community who may potentially be linked to the attack.
Scammers copy GIWA's Chain ID
The attackers' main tool was a fake bridge through which users sent assets to what they believed was the newly launched GIWA network. After discovering the scheme, DYORSWAP urged users not to interact with unofficial RPC endpoints, bridges or project smart contracts.
The team contacted security specialists to trace the addresses, transactions and subsequent movement of the stolen funds. It is also preserving chat records, RPC data, bridge addresses and other information for the investigation.
DYORSWAP plans to use funds from its own treasury to compensate affected users. The team said it would disclose eligibility criteria, the process for verifying losses and the size of payouts after completing its review.
GIWA's official account separately stressed that the project's real mainnet has not yet launched and that its RPC has never been operational. The incident therefore did not involve a compromise of GIWA's infrastructure, but rather a separate network created by scammers to impersonate the project.
GIWA remains in testnet
GIWA is an Ethereum-based L2 network being developed by Dunamu, the parent company of Upbit. The project is built on the OP Stack, is EVM-compatible and aims to reduce block times to one second, but currently operates only in a test environment.
The incident comes amid a series of attacks on crypto projects. On September 24, attackers targeted Payy Network, Duelbits and Meter in a single day, with combined losses exceeding $11 million.
Of that amount, Payy Network lost around $1.8 million, while Duelbits lost another $7 million. In the Meter incident, an attacker exploited a block verification flaw to mint approximately $2.3 million worth of unbacked tokens.
Earlier, we reported that KelpDAO filed a lawsuit against LayerZero and its co-founder Brian Pellegrino over a $292 million hack. The project claims undisclosed risks and shortcomings in LayerZero's technology led to the attack.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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