Fake GIWA Network Drains $2 Million in Ether from 1,335 Wallets

A fake blockchain impersonating Upbit operator Dunamu's GIWA network drained about $2 million in Ether from 1,335 wallets after a decentralized exchange treated the fraudulent bridge as legitimate.

The incident occurred when DYORSWAP initially recognized the fake network as GIWA's mainnet. This allowed users to send roughly 767.65 ETH through the bridge before its operators withdrew 766.25 ETH.

G IWA warned that its mainnet had not launched, and connection details circulating online were false. The distinction matters because users were interacting with a convincing enough environment to be treated as a functioning blockchain.