A crypto user reportedly lost nearly $7 million in crypto by purchasing a discounted cold wallet from Douyin, the Chinese version of TikTok. The wallet's private key was compromised, leading to the funds being drained within hours. Cold wallets advertised as 'factory sealed' or 'discounted' are often tampered with to lure victims. The victim, a close friend of a former Bitmain team member, fell prey to a carefully designed scam. The stolen crypto was quickly laundered through a Cambodian conglomerate's illicit businesses. SlowMist managed to track the stolen funds, but recovery seems unlikely. This incident serves as a reminder to avoid risking fortunes on cheap wallets. Scams involving third-party shipped devices are challenging to prevent. In a separate incident, a Chinese printer manufacturer distributed malware that stole over $953,000 in Bitcoin. Kaspersky also uncovered counterfeit Android smartphones with preinstalled crypto-stealing malware. Stay vigilant against such scams in the crypto space. Read more AI-generated news on: https://app.chaingpt.org/news

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