Scammers Exploit Fake GIWA Network to Steal $2 Million in ETH from DYORSWAP

Scammers have successfully stolen $2 million worth of Ethereum (ETH) by impersonating the GIWA network, deceiving the decentralized exchange DYORSWAP, according to CoinTelegraph. The attackers used a counterfeit GIWA network to carry out the fraudulent transactions.

DYORSWAP confirmed that it has compensated users with over 200 ETH following the incident. Meanwhile, GIWA, operated by Dunamu—the company behind the South Korean exchange Upbit—issued a warning that its mainnet has not yet been launched, clarifying that the network involved in the scam was fake.

This event highlights ongoing security challenges in the crypto space, emphasizing the importance of thorough due diligence (DYOR) for Japanese investors navigating decentralized finance and cross-border crypto platforms.