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Cryptocurrency owner loses $ 7 million after buying a crypto wallet from TikTok

12:45 pm, June 16, 2025

A crypto investor lost almost $ 7 million after buying a cold wallet through the Chinese version of TikTok, Douyin. According to the blockchain security company SlowMist, the wallet was compromised during its creation: its private key was stolen, and all funds were withdrawn within hours of the device’s activation.

The trader involved in this story purchased a wallet advertised on Douyin Shop with promises of «factory packaging» and a significant discount. However, the device turned out to be a carefully prepared «trap». The stolen funds were subsequently laundered through Huiwang, a network of underground services in Cambodia that includes a crypto exchange, a payment platform, and a darknet marketplace.

SlowMist experts emphasize that such «budget» versions of cold wallets can be particularly dangerous. Even if the device looks new and packaged, there is a risk that it has been modified with pre-installed vulnerabilities. As a cybersecurity expert at 23pds added, «saving a few hundred dollars can turn into the loss of a lifetime.»

The company also emphasized that these schemes are difficult to detect in advance, as the fraud may not involve sellers directly, but only third parties involved in packaging or delivery. Such attacks are becoming increasingly common: in particular, a Chinese printer manufacturer was accused of distributing a miner along with drivers, and fake Android smartphones with pre-installed malware were found on the market.

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