Minus $6.9 million for a discounted cold wallet through Douyin
A crypto investor lost nearly $7 million by purchasing a "sealed" cold wallet via Douyin (Chinese TikTok). It later became clear that the private key had been compromised at the time of creation — and funds were drained from the wallet within hours.
The stolen money was laundered through Huiwang — a shadowy crypto ecosystem from Cambodia, which includes Huione Crypto and darknet marketplaces.
Most "cheap" cold wallets are fakes designed to steal funds.