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Compromised Cold Wallet on Douyin Causes $7 Million Loss

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by Giorgi Kostiuk

17 days ago


A recent incident involving a crypto investor, who lost nearly $7 million, highlights the risks associated with purchasing cold wallets through unverified channels.

Incident with Cold Wallet

A crypto investor lost $6.5 million after buying a cold wallet on Douyin, China’s TikTok alternative. The private key of the wallet was compromised from the beginning, leading to the complete loss of funds within hours.

Expert Warnings

Blockchain security firm SlowMist warned users that 'factory sealed' or 'discounted' cold wallets sold through Douyin are often tampered with. The low prices serve as bait for unsuspecting victims.

Safety Tips for Purchasing Wallets

Experts advise always purchasing crypto wallets from reputable sellers and checking devices for malware to avoid scams. It is urged not to skimp on wallet costs, as this could lead to significant losses.

This incident serves as a reminder of the importance of vigilance when purchasing crypto wallets and the risks associated with online transactions.

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