Crypto user loses $6.9M to a cold wallet from China’s TikTok

SlowMist’s chief information security officer said it’s important not to “gamble your entire fortune on a wallet that’s a few hundred bucks cheaper.”

A crypto user has reportedly lost nearly $7 million in crypto after buying a discounted cold wallet through the Chinese version of TikTok, Douyin, which turned out to be compromised. 

Blockchain security firm SlowMist said in a X post on Saturday that the “private key was compromised at creation” and the user’s funds were “drained within hours” from the compromised cold wallet. 

Nabbing a bargain cold wallet might seem like a good way to save money, but SlowMist said cold wallets advertised as “factory sealed” or “discounted” have often been tampered with, and the reduced price is a way to lure in victims.

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