Hackers have once again exploited high anticipation surrounding a new project launch. Decentralized exchange DYORSWAP lost roughly $2 million in Ether (ETH) after directing its users to a fake bridge. The exchange platform admitted that it had mistakenly identified the counterfeit infrastructure as the official mainnet of the GIWA blockchain.
In a post-mortem incident report on Monday (Sep. 28, 2026), the DYORSWAP team detailed the losses resulting from this misidentification. The fraudulent bridge lured a total of 767.65 ETH deposited from 1,335 wallet addresses. Out of the total accumulated funds sent to the contract address, the attacker managed to make off with 766.25 ETH, leaving none behind.
The incident is particularly ironic given that the developers have not even launched their mainnet yet. GIWA is an Ethereum Layer-2 network developed by Dunamu, the company that also operates crypto exchange Upbit. GIWA promptly released a clarification stating that its official mainnet has not been launched to the public at all. All network connection details and bridges currently circulating across the community were confirmed to be counterfeit infrastructure.
Pre-Launch Network Testing
GIWA has indeed been in the spotlight due to its extensive utility development process. Dunamu has been conducting test phases on the Sepolia testnet since September 2025, building on top of the Optimism OP Stack infrastructure.
GIWA’s testing phase also involved institutional players from the traditional financial sector. They partnered with Hana Financial and POSCO International as strategic partners to carry out a series of corporate trade remittance simulations. The heightened attention during this trial phase created an opening for hackers to distribute fake bridge links and lure victims rushing for early access.
Compensation from Internal Treasury
Upon realizing that user funds had been misdirected, DYORSWAP management immediately verified their system’s security status. An investigation showed that the exchange’s internal smart contracts were not compromised at all. User funds were lost purely due to incorrect routing toward a third-party bridge deployer contract. The exchange team is currently tracking the creator of the scam bridge contract while mapping the flow of stolen funds across various recipient wallet addresses.
As a demonstration of accountability for the misguided recommendation, the exchange took direct mitigation steps. DYORSWAP used its own operational corporate treasury to pay out more than 200 ETH in compensation. These funds were disbursed to customers whose assets were drained after following the fake bridge link on their platform.
The swift move to reimburse affected users from company funds prevented widespread panic on the platform, yet the exchange’s failure to distinguish between a counterfeit contract and an official network still leaves lingering questions regarding its due diligence standards. Reported by Cointelegraph.
Read also: What Is DeFi (Decentralized Finance)?
Previously: Upbit-Backed Layer-2 Denies Mainnet RPC Leak Rumors - Network Doesn’t Even Exist Yet
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
