In a tragic incident that highlights the dangers of purchasing digital wallets from untrustworthy sources, a cryptocurrency user lost nearly 7 million dollars after buying a discounted cold wallet through the Douyin platform (the Chinese version of TikTok), which later turned out to have been previously hacked.

Cybersecurity firm SlowMist explained in a post on platform X that the wallet contained a compromised private key from the moment of manufacturing, which allowed the hackers to completely drain the wallet within a few hours of its activation.