It turns out that a crypto user lost nearly $7 million in cryptocurrency after purchasing a discounted cold wallet through the Chinese version of Tiktok Douyin, which turned out to be damaged.
Blockchain security company Slowmist explain In Saturday’s X post, “Private Keys are compromised at creation”, users’ funds “drained for hours in hours” Eclectic cold wallet.
Find out cheap cold wallets Seems like a good way To save money, but slowly people say that cold wallets advertised as “factory seal” or “discounted” are often tampered with, and lower prices are a way to attract victims.
Douyin have e-commerce feature Douyin Shop, the store allows third-party sellers to offer a variety of products.
Encryption is “fed away” within a few hours
X user under Hella, former team member works in Jihan Wu’s work, Bitcoin mining equipment Manufacturer Bitmain, explain The victim was a close friend. He called late at night and called “Give me a chill.”
According to a Saturday post to X’s Google Translation, the wallet was a “well-designed hot trap” and the stolen cryptocurrency “washed away by Huiwang within hours.”
Huiwang, also known as Huione Group, is a Cambodian corporate group Business Illegal Business Networkwhich includes payment service platform Huione Pay Plc, cryptocurrency exchange Huione Crypto and Darknet Marketplace Haowang assurance.
“When buying a cold wallet, you have to choose a reliable channel. Most channels on the internet are fake,” Hella says.
The stolen funds cannot be recovered
Slowmist managed to track down the stolen funds, but Hella said “very little hope” recovered from the thief.
Slowmist’s CIS, under X Processing 23pds explain In an article translated by Google, the case is an important reminder not to “bet on a wallet that is a few hundred dollars cheaper” because in the end, it is not “saving money, but abandoning your life.”
23pts added that since the equipment is shipped by a third party, these types of scams can be more difficult to prevent, and people who transport or pack the equipment are often unaware that this is part of the scam plot.
Related: $2B lost cryptocurrency in Q1 2025 and $1.63B lost from access control defects
Scammers can also use malware to preload devices
Meanwhile, May 19 Chinese printer manufacturer accused The way to distribute cryptocurrency malware with official drivers is over $953,000 in Bitcoin (BTC) stolen.
Cybersecurity company Kaspersky also said on April 1 Discovered thousands of fake Android smartphones Sold online using pre-installed malware, designed to steal cryptocurrency and other sensitive data.
Magazine: Coinbase Hack Shows Laws May Not Protect You: Here’s Why
