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Crypto User Loses $6.9M After Buying Compromised Wallet on Douyin
- A crypto investor lost $6.9 million after purchasing a compromised cold wallet on Douyin, the Chinese version of TikTok.
- The wallet had pre-compromised keys, allowing scammers instant access to the funds.
- This incident highlights the increasing trend of scams involving malware-infected devices and counterfeit hardware across Asia.
- SlowMist, a blockchain security company, provided details on the compromised wallet and the subsequent loss.
- The compromised wallet was advertised as factory-sealed and discounted, but the private key had already been compromised.
- Counterfeit cold wallets on platforms like Douyin have become a lure for scammers, posing serious risks for investors.
- Investors are cautioned against buying digital wallets from unreliable sources to avoid catastrophic losses.
- The victim's funds were laundered through a Cambodian syndicate, making recovery nearly impossible.
- Incidents of device-based crypto theft, like distributing malware through official printer drivers, have been on the rise, leading to significant Bitcoin losses.
- Security experts advise purchasing cold wallets only from trusted sources to safeguard crypto assets.
- Bitcoin Cash (BCH) sees a price increase, eyeing a breakout as its price reaches $460.
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