Investor Loses ¥50M in Crypto After Using Tampered Cold Wallet Bought via TikTok

In Brief:

A Chinese investor lost ¥50 million worth of crypto after using a compromised cold wallet bought on Douyin (TikTok China).

The private key was stolen at setup, and assets were quickly laundered through Huiwang.

On June 14, blockchain security firm Slow Mist reported a major crypto theft involving a cold wallet purchased through Douyin, the Chinese version of TikTok. According to CISO 23pds, an investor lost digital assets worth approximately ¥50 million (roughly $6.9 million USD) after the wallet—tampered with before delivery—leaked its private key upon generation. The stolen funds were rapidly laundered via Huiwang within hours. Experts warn that 99% of online “discounted” cold wallets are likely compromised and stress the importance of purchasing hardware wallets directly from verified sources.

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