A cryptocurrency investor has lost $6.9 million after purchasing a tampered cold wallet on Douyin, the Chinese version of TikTok.
Blockchain security firm SlowMist revealed in a Saturday post on X that the wallet's private key was compromised during setup, leading to the theft of the funds within hours.
The victim had purchased the device at a discount through Douyin Shop, an e-commerce platform that allows third-party sales.
SlowMist warned that discounted or "factory sealed" cold wallets are often pre-hacked, and that lower prices serve as bait for unsuspecting buyers.