Scammers Build Fake GIWA Blockchain to Steal $2M in Ethereum

Crypto scammers created an entire fake blockchain to steal over $2 million from unsuspecting users. The fake network, a counterfeit version of GIWA, appeared to be the anticipated Ethereum Layer 2 mainnet, complete with an RPC endpoint and cross-chain bridge.

The scammers waited for deposits before changing the bridge's portal code and draining almost all of the funds. A total of 767 ETH was stolen, worth around $2 million at the time.

DYORSWAP, a community that initially interacted with the fake network, later warned users against unofficial RPC endpoints, bridges, and contracts. The project stated that the fake network used the correct GIWA Chain ID (9134), making it appear legitimate during their initial verification.