Scammers steal over $2M by creating fake GIWA blockchain

Threat actors launched a fraudulent ETH L2 chain impersonating Giwa, a project backed by Upbit, resulting in losses exceeding 760 ETH. The scam, identified by DYORSWAP, stole over $2M from crypto traders. DYORSWAP has since announced a compensation process for the affected users. This incident underscores the critical necessity for enhanced blockchain security measures and verification processes to protect traders from similar fraudulent schemes and prevent future losses within the decentralized exchange ecosystem.