Never trust a cheap wallet from TikTok
A crypto user has lost $6.9 million after buying a discounted cold wallet via Douyin, the Chinese version of TikTok.
According to blockchain security firm SlowMist, the wallet came pre-compromised. The private key was already exposed. Within hours, the attacker drained all funds.
The trap was set at the start
Cold wallets are supposed to keep crypto safe. But scammers are selling “factory sealed” wallets that are actually tampered with. They look new, but they’re rigged.
Douyin’s e-commerce feature lets sellers push fake wallets easily. SlowMist warns users: these discounted devices often come from shady channels.
Crypto vanished in hours
A former Bitmain team member, known as Hella on X, said the victim was a close friend. The friend called in a panic. “Gave me chills,” Hella wrote.
The wallet? “A hot trap,” Hella said. The funds were quickly laundered through Huiwang, a Cambodian crime network that runs shady payment services and crypto platforms.
Say goodbye to recovery
Even though SlowMist traced the funds, there’s little chance of getting them back. Once stolen, crypto moves fast—and vanishes even faster.
SlowMist’s CISO, known as 23pds, issued a blunt warning:
“Don’t gamble your fortune on a wallet that saves you a few bucks. You’re not saving. You’re burning your future.”
It’s not just wallets—malware is everywhere
Scammers have leveled up.
A Chinese printer company was caught installing malware in official drivers. Over $950K in Bitcoin was stolen.
Kaspersky found fake Android phones with built-in crypto malware. Thousands sold.
Footnotes
Cold Wallet: A physical device that stores cryptocurrency offline to protect it from hacks.
Private Key: A secure code that gives access to crypto. If someone else has it, they own the funds.
Huiwang: A crime group in Cambodia known for shady crypto activity.