A major cryptocurrency theft has rocked the crypto community after 50 million yuan (approximately $6.9 million) in digital assets were drained overnight from a cold wallet acquired via TikTok.
The incident was first flagged during an emergency call and later confirmed by 23pds, Chief Security Officer at blockchain security firm SlowMist.
Cold Wallet Tampered Before Sale
According to the investigation, the cold wallet had been compromised before it ever reached the buyer. The private key associated with the wallet was stolen during its creation process, enabling the attackers to eventually access and drain the assets. The funds were rapidly funneled through a mixing platform called Huiwang, effectively erasing the trail and making recovery extremely difficult.
Security Warning: 99% of “Unopened” Wallets Could Be Fake
In response to the breach, 23pds issued a stark warning to crypto investors: avoid purchasing cold wallets from unofficial sources, especially listings advertised as “brand new,” “unopened,” or offered at discounted rates on platforms like TikTok or other social media.
The SlowMist executive stressed that fake hardware wallets are increasingly common in online marketplaces and are often preconfigured to steal assets once funds are deposited.
Social Media Listings Are Scam Hotbeds
The warning comes amid a surge in deceptive social media listings where wallets are advertised at prices slightly below the value of the assets inside. These offers are frequently used as bait by scammers to target unsuspecting investors.
Takeaway
This high-profile heist underscores the urgent need for crypto users to purchase cold wallets only through official, verifiable channels. As crypto adoption grows, so do sophisticated scams, and this latest case serves as a stark reminder that security shortcuts can result in devastating losses.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/6-9m-crypto-heist-traced-to-fake-cold-wallet-sold-on-tiktok/