Fake GIWA Bridge Scam Results in $2M Loss
Scammers created a fake GIWA L2 network, leading to significant losses for users. Approximately 1,335 addresses were affected as they bridged ETH under the false impression of an official launch.
Scammers deployed a fake GIWA L2 network using the legitimate Chain ID 9134, which included a functional bridge and batcher. Users were misled into believing they were participating in the official mainnet launch, resulting in approximately 1,335 addresses bridging around 767.65 ETH. The attackers subsequently drained about 766.25 ETH, equating to approximately $2 million.
The incident occurred on the Ethereum blockchain, which allows for tracing of transactions and addresses involved. The real GIWA mainnet had not launched at the time of the scam, indicating that the network was entirely fraudulent. DYORSWAP initially listed the fake network due to the matching Chain ID, which contributed to the confusion among users.
In response to the incident, DYORSWAP took action to compensate affected users from its treasury, acknowledging the impact of the scam. The on-chain record reflects the transactions associated with the fake bridge, highlighting the addresses that were involved in the bridging process.