A crypto investor lost $6.5 million after purchasing a discounted cold wallet through the Douyin platform, China's version of TikTok. The incident was reported by SlowMist, a company specializing in blockchain security. The wallet was compromised at the creation stage: the private key was stolen in advance, allowing the attackers to transfer funds within hours of activation.
Experts from SlowMist warn: cheap wallets sold online are often fakes. A reduced price is a way to lure victims. Cold wallets should only be purchased through official channels, avoiding platforms like TikTok or other social media. This case highlights the importance of verifying the security of devices before use.
The cryptocurrency market remains a target for scammers who use phishing schemes and compromised devices. Earlier in 2025, another investor lost $2.5 million due to a double phishing attack, indicating an increase in such crimes. To protect assets, experts advise checking the sources of purchases and keeping private keys secure.
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