Scammers Launch Fake ETH L2 to Steal $2M From Crypto Traders

Crypto Insight Summary: An unidentified group of threat actors launched a fake L2 chain impersonating Giwa, a project backed by Upbit, identified by DYORSWAP, a multichain decentralized exchange. Over 760 ETH bridged to the chain were lost, and DYORSWAP announced a compensation process for affected users. Fake Giwa L2 Chain Deployment Scheme Causes Over 760 ETH in Losses […] Crypto Insight Analysis: Direction: Bearish ETH Impact: Minor Impact Horizon: Short-term (1-3 days) Reasoning: The scam undermines ETH's Layer 2 ecosystem trust, but the impact is limited to a specific project.