Scammers Steal $2 Million in ETH Using Fake GIWA Network on DYORSWAP
(4 days ago) · 1 source · Summarized by CryptoBipto
Scammers reportedly drained approximately $2 million worth of ETH by creating a fraudulent blockchain network called GIWA that deceived the decentralized exchange platform DYORSWAP. The fake network was used to exploit the platform and its users, resulting in significant losses.
WHY IT MATTERS
In the world of decentralized finance, or DeFi, users can trade cryptocurrencies on platforms that operate without a central authority — think of them like automated vending machines for crypto, where code runs the show instead of a company. This incident shows a risk that comes with that openness: scammers created an entirely fake blockchain network and used it to trick one of these platforms into processing fraudulent transactions, stealing about $2 million in Ethereum (ETH). For newcomers, this is a reminder that not every project or network in crypto is legitimate. "DYOR" stands for "Do Your Own Research," which is ironic given the name of the affected platform. Before interacting with any new token or network, users should look for independent verification, audits, and established track records — much like checking reviews and credentials before trusting a new business with your money.
Read the full analysis with a CryptoBipto membership
Members can read the full analysis of every story, not just the headline.
Get startedSOURCES
- cointelegraph.com
RELATED
Learn the concepts behind this
Clear explanations of the subjects this article touches, with every term defined.
- How do crypto scams work, and how do you avoid them?The common crypto scams and attacks explained in simple terms — phishing, rug pulls, Ponzi schemes, market manipulation — and the risks worth checking before you act.
- How do you buy cryptocurrency safely?How crypto exchanges, verification, on-ramps and order types work, so you understand each step of a first purchase before you make one.