Scammers drained approximately 766 ETH (over $2 million) from 1,335 wallets by creating a fake blockchain impersonating the GIWA network, a Layer 2 solution developed by Dunamu, the parent company of South Korea’s largest crypto exchange Upbit. The fraudsters exploited chain ID 9134, which was reserved for the legitimate GIWA network that had not yet launched, to lend credibility to their counterfeit operation. DYORSWAP, a decentralized exchange, inadvertently accelerated the scam by listing the fake chain as the genuine GIWA mainnet, prompting additional user deposits. The platform has since acknowledged its role and begun compensating victims, with over 200 ETH already distributed to those who suffered the largest losses.
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