Fraudulent GIWA Blockchain Network Leads to $2M ETH Theft from DYORSWAP Users
The decentralized exchange DYORSWAP compensated victims with over 200 ETH following the incident, as Dunamu's GIWA project clarified its mainnet remains unlaunched.
Fraudsters managed to steal approximately $2 million worth of Ether (ETH) through a bridge designed for a counterfeit GIWA blockchain network, which the decentralized exchange (DEX) DYORSWAP acknowledged it had initially confused with the legitimate project's mainnet launch.
According to a detailed account published on Monday, DYORSWAP revealed that the fraudulent bridge had collected approximately 767.65 ETH from a total of 1,335 different addresses. The perpetrators subsequently withdrew 766.25 ETH from the scheme.
On Sunday, GIWA, which operates as an Ethereum layer-2 network under development by Dunamu, the company behind Upbit, issued a statement clarifying that its mainnet had not yet been deployed and cautioned that alleged mainnet connection information being distributed on the internet was fraudulent.
We do not have our mainnet running currently
GIWA project statement
The GIWA Sepolia testnet was introduced by Dunamu in September 2025, utilizing Optimism's OP Stack technology. During April, a partnership between Dunamu, Hana Financial and POSCO International was established to pilot a cross-border remittance platform based on GIWA Chain technology, employing actual trade transactions for testing purposes.
According to DYORSWAP's statement, its smart contracts remained secure and uncompromised throughout the incident, and the platform is actively investigating the bridge deployer's identity, the origins of funding, wallets suspected of conducting tests, and the destination addresses that received the stolen funds.
The decentralized exchange confirmed that it had utilized its proprietary reserves to distribute compensation exceeding 200 ETH to users who were impacted by the security breach.