GIWA Fake Mainnet Linked to Bridge Theft of 766 ETH
GIWA has confirmed that the previously promoted “GIWA Mainnet” is a fraudulent chain created by scammers. The project urged users to avoid unofficial RPC endpoints, bridges and smart contracts, and to send no funds to related addresses.
The incident followed community claims linking the chain to Upbit and trading activity involving GIWACAT and FAKER. According to reported on-chain activity, a fake bridge collected more than 766 ETH. The funds were initially sent to an address ending in 4134 before being transferred to addresses ending in 6b60 and 3da4. The assets reportedly remain in motion.
GIWA said it has hired security specialists to trace the funds and is preserving chat records, RPC details, bridge addresses and transaction data. Eligibility, loss verification and any compensation will be determined after the investigation.
The GIWA fake mainnet incident highlights the risks of unofficial infrastructure and misleading token launches. Projects using the OP Stack should verify Ethereum-side Rollup contracts and confirm that RPC endpoints come from official websites or trusted partners.
Bearish
The direct market impact is bearish, although it is likely to be concentrated in GIWA-related assets rather than the wider crypto market. Confirmation that the GIWA fake mainnet was a scam, combined with the movement of more than 766 ETH, can trigger panic selling, liquidity withdrawals and higher volatility in GIWACAT, FAKER and related bridge markets.
Short-term traders may also reduce exposure to unofficial RPCs, bridges and newly launched tokens with unclear contract provenance. Similar bridge exploits and fake-chain incidents have historically caused sharp losses in affected tokens, wider spreads and temporary contagion across connected DeFi markets. ETH itself could face limited, event-driven selling if stolen funds are deposited on exchanges, although the reported amount is small relative to ETH’s overall market capitalization.
The longer-term effect may be mixed. A transparent investigation, asset tracing and possible compensation could restore some confidence. However, the incident may increase scrutiny of OP Stack deployments, Rollup contracts, token listings and infrastructure claims. Traders should verify official communications, contract addresses and bridge activity before entering related markets. Until the investigation clarifies losses and fund movements, risk premiums and liquidity discounts are likely to remain elevated.