FSS Issues Consumer Alert Over Fake Mainnet Scam Impersonating Dunamu's "GIWA Chain"

The Financial Supervisory Service (FSS) issued a consumer alert after a scam involving a fake blockchain network impersonating “GIWA,” which Dunamu, the operator of cryptocurrency exchange Upbit, is developing.

On Oct. 22, the FSS issued guidance for users to help prevent further losses from on-chain scams.

Recently, before the GIWA chain was officially launched, scammers lured investors through false promotions on social media and other platforms, including claims of a “surprise mainnet launch.” They created remote procedure call (RPC) addresses and chain IDs similar to those of the official network to induce users to transfer their crypto assets.

In particular, the official chain ID for GIWA, which Dunamu is developing, is “91342,” while the fake network’s chain ID was “9134,” making the two appear similar. The decentralized exchange (DEX) DYORSwap mistakenly treated the fake network as genuine, leading users to deposit Ethereum into a bridge on the fake network. The scam operators then withdrew all the crypto assets transferred in this way at once.

To avoid such losses, users should carefully verify whether a blockchain network has been officially launched and confirm its source. Bridges and smart contracts that support a network before its launch are scams.

Users should also be aware that marketing activities not posted on a developer’s official account, such as “surprise launches,” “airdrops” and “early participation events,” are common scam tactics. They should also note that DEX platforms have no centralized operator, making it difficult for users to obtain compensation for losses when scams occur.

An FSS official said, “We will require virtual asset service providers planning to develop new blockchains to announce their development progress and provide guidance on relevant precautions,” adding, “We will work to protect users from virtual asset-related fraud.”

This content was produced with the assistance of AI translation services.