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South Korea’s Financial Supervisory Service said today that a case recently emerged in which scammers created a fake network resembling GIWA, a blockchain network under development by Dunamu, and stole users’ virtual assets.
The agency said the group spread false claims such as a “mainnet surprise launch” through social media and online communities to lure investors, even though there had been no official announcement from the actual developer. It added that DYOR Swap, a decentralized exchange, mistakenly supported the fake network as if it were real, leading users to deposit Ethereum through a fake bridge, after which the scammers withdrew the transferred assets in a lump sum.
The Financial Supervisory Service said that in on-chain virtual asset scams, fund transfers and theft can take place within minutes to hours, and damage recovery is extremely difficult.