South Korea warns of GIWA chain scam targeting crypto users

South Korea’s Financial Supervisory Service reported a scam involving a fake network mimicking GIWA, a blockchain project by Dunamu, which resulted in the theft of users’ virtual assets. Scammers disseminated false information about a 'mainnet surprise launch' via social media and online communities to attract investors, despite no official announcements from the actual developer. DYOR Swap, a decentralized exchange, mistakenly supported the fraudulent network, prompting users to deposit Ethereum through a fake bridge. The scammers subsequently withdrew the assets in a lump sum. The Financial Supervisory Service highlighted that in on-chain virtual asset scams, fund transfers and theft can occur within minutes to hours, making recovery of lost funds extremely challenging.

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