🚨 Crypto Scam Alert: $6.9 Million Lost via Compromised Cold Wallet on China’s TikTok (Douyin) 🚨
A shocking crypto scam has rocked the community! A user lost a massive $6.9 million after buying a compromised cold wallet from Douyin (China’s TikTok). Here’s everything you need to know to protect yourself:
🔍 How Did This Scam Start?
The victim purchased a discounted cold wallet advertised as “factory sealed” on Douyin Shop.
Unknown to them, the wallet was pre-compromised with private keys exposed during production.
The wallet looked authentic but was a carefully designed trap by scammers.
⚠️ How Did the Scam Work?
When the wallet was initialized, scammers already had access to the private keys.
The victim transferred crypto assets, which were drained within hours.
Stolen funds were quickly laundered through Huiwang, a Cambodian-based illicit network linked to darknet markets.
Recovery of funds is now virtually impossible.
🛡️ How to Protect Yourself from Such Scams:
Buy hardware wallets only from official manufacturers or authorized resellers.
Avoid discounted or “factory sealed” wallets from social media sellers.
Always inspect packaging and device for tampering before use.
Use wallets that allow offline private key generation.
Stay updated with security news from trusted sources like SlowMist.
✅ Important Precautions:
Never trust too-good-to-be-true prices on cold wallets.
Avoid buying wallets on social media platforms unless the seller is verified and reputable.
Enable multi-factor authentication and other security layers.
Regularly monitor your crypto accounts for unusual activity.
Educate yourself about common crypto scams and evolving threats.
💡 Final Thought:
“Don’t gamble your fortune on a cheap wallet — it’s not saving money, it’s risking everything!” — SlowMist Security Chief
🔥 Stay safe, stay informed, and protect your crypto assets! 🔥
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