A fraudulent bridge linked to a purported GIWA blockchain drained about $2 million in Ether after decentralized exchange DYORSWAP initially treated the network as GIWA’s genuine mainnet. The incident involved more than 1,300 addresses and prompted warnings from GIWA developer Dunamu that its mainnet had not yet launched.
How the fraud unfolded
According to Cointelegraph, DYORSWAP’s reconstruction found that the fake bridge received approximately 767.65 ETH from 1,335 addresses. The attackers then drained 766.25 ETH, leaving users exposed to losses through a service that appeared to connect with GIWA.
A bridge is a blockchain-based service that allows assets to move between networks. Users typically transfer or lock funds on one chain and receive corresponding assets on another. Because bridges handle valuable assets and depend on technical and operational trust, a fraudulent bridge can cause substantial losses even when the broader exchange platform has not been breached.
DYORSWAP said its own contracts were not compromised. The decentralized exchange said it was investigating the bridge deployer, the sources that funded the operation, suspected test wallets and the addresses that ultimately received the funds.
GIWA says its mainnet is not live
GIWA is an Ethereum layer-2 network developed by Dunamu, the operator of South Korean cryptocurrency exchange Upbit. Layer-2 networks are built to operate alongside a main blockchain, with the goal of processing activity through a separate system while remaining connected to the underlying chain.
GIWA warned on Sunday that its mainnet had not launched. The project said that connection details being circulated online and described as mainnet information were false, directly contradicting the apparent premise behind the fraudulent bridge.
Dunamu launched GIWA’s Sepolia testnet in September 2025 using Optimism’s OP Stack. A testnet is an environment used to trial blockchain technology rather than process activity on a live production network. In April, Dunamu, Hana Financial and POSCO International agreed to test a GIWA Chain-based cross-border remittance system using real trade transactions.
That background helps explain why the name could appear credible to users: GIWA had an established developer, a testnet and announced institutional testing, but its mainnet was still not operating according to the project’s warning.
DYORSWAP compensation and market picture
DYORSWAP said it used its own funds to pay more than 200 ETH in compensation to affected users. It did not state in the supplied material that all losses had been recovered. The exchange also said it was continuing to trace the parties and wallets connected with the bridge.
Moneyiar market data at 2026-09-25 22:03:00+03:30 put Ethereum at $2681.7028821295, down 0.13% over 24 hours but up 2.05% over seven days. Ethereum Name Service was $7.0684912163 at 2026-09-25 22:04:00+03:30, up 0.09% in 24 hours and 12.69% over seven days. Compound stood at $23.8186759137, down 0.88% over 24 hours and up 13.75% over seven days, while AKEDO was $0.0322406544, down 9.78% over 24 hours and 27.87% over seven days, according to Moneyiar data at 2026-09-25 22:03:00+03:30 and 2026-09-25 22:04:00+03:30 as applicable.
