Fake GIWA chain drains 766 ether from users

A counterfeit version of GIWA, the Ethereum layer 2 being developed by Upbit operator Dunamu, collected hundreds of ether from users before its operators emptied the bridge. On-chain investigations put the withdrawal at about 766.25 ETH, worth roughly $2 million at the time.

The imitation used GIWA's published chain ID and enough OP Stack infrastructure to appear functional. DYORSWAP treated the network as GIWA mainnet, and more than a thousand addresses deposited funds before GIWA warned that its real mainnet had not launched.

The incident did not exploit GIWA's production network because no such network was live. It exposed a different assumption: a chain ID and working RPC can identify a network technically without proving who operates it.