A crypto user lost $6.5 million after purchasing a tampered cold wallet via Douyin, China’s TikTok equivalent, which had its private key compromised before shipping. Blockchain firm SlowMist reported the wallet appeared factory sealed but was drained just hours after funds were transferred. The case mirrors past scams involving counterfeit wallets and highlights risks of buying cold wallets from unofficial sources, especially as stolen funds were traced to laundering networks linked to Huiwang.
User Loses $6.5M in Crypto After Buying Compromised Wallet on TikTok China
Paul Drecksler is the founder and editor of Shopifreaks E-commerce Newsletter, covering the most important stories in e-commerce.
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