Fake GIWA Network Drains $2M in ETH from Unsuspecting Users

A fake network impersonating Upbit-backed GIWA collected nearly $2 million in ETH after users were directed to an unofficial RPC and bridge for a mainnet that has not launched.

The fraudulent environment included an OP Stack-like bridge and batcher and began operating on September 27. Over 1,335 addresses bridged about 767.65 ETH into the fake network before approximately 766.25 ETH was transferred out.

GIA Mainnet remains under development. The only publicly available GIWA network is GIWA Sepolia, an Ethereum testnet Layer 2 using chain ID 91342 and the official sepolia-rpc.giwa.io endpoint.

The fake L2 went beyond a cloned website, processing transactions, operating a bridge and batcher, and posting transaction batches to Ethereum. GIWA responded as claims of an unannounced mainnet and leaked RPC spread across social channels.