A fraudulent bridge posing as the mainnet of Dunamu-backed layer-2 project GIWA diverts about $2 million in Ether from users interacting through decentralized exchange DYORSWAP. The incident affects 1,335 addresses, while DYORSWAP says its own contracts remain uncompromised and that it has already reimbursed more than 200 ETH to affected users.
Highlights
- DYORSWAP lost about 766.25 ETH (roughly $2 million) after mistakenly treating a fake GIWA bridge as the mainnet, affecting 1,335 addresses.
- GIWA, developed by Upbit operator Dunamu, clarified its mainnet has not launched and warned that circulating mainnet details are false.
- The scam increases scrutiny on Korea-linked crypto projects as Dunamu, Hana Financial, and POSCO International pursue GIWA Chain cross-border remittance pilots.
Fake mainnet setup triggers bridge losses
As reported by Cointelegraph, citing DYORSWAP in a reconstruction published Monday, the fraudulent bridge received about 767.65 ETH from 1,335 addresses, and scammers drained 766.25 ETH after the exchange initially treated the network as GIWA’s mainnet.GIWA, an Ethereum layer-2 network developed by Upbit operator Dunamu, says its mainnet has not launched and warns that purported mainnet connection details circulating online are false. The project says it does not currently have its mainnet running.
DYORSWAP says its contracts have not been compromised and that it is tracing the bridge deployer, funding sources, suspected test wallets and the addresses that received the funds.
Crypto security risks draw focus in Korea-linked projects
Dunamu launched GIWA’s Sepolia testnet in September 2025 using Optimism’s OP Stack, positioning the project within a broader blockchain infrastructure push tied to South Korea’s digital asset sector.In April, Dunamu, Hana Financial and POSCO International agreed to test a GIWA Chain-based cross-border remittance system using real trade transactions, underscoring the commercial interest around the network. The scam is likely to sharpen scrutiny of unofficial network details and user verification practices as crypto firms expand bridge and remittance use cases.
Ondo Finance’s expansion in tokenized-asset infrastructure highlighted how blockchain products are moving closer to mainstream financial market plumbing. Our earlier article noted Ondo’s integration steps—such as joining DTCC’s Fund/SERV network and rolling out new on-chain investment products—as signals of deeper links between traditional fund workflows and tokenized securities. It also outlined how this broader tokenization push is reshaping market infrastructure expectations around transparency, settlement, and scalability.
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