Investor’s Cold Wallet Drained in Cryptocurrency Theft – Coincu

An investor’s cold wallet purchased on Douyin was compromised, resulting in a loss of 50 million RMB in cryptocurrency.

This incident underlines the importance of purchasing cold wallets through official channels, as non-official sources often pose security risks and potential fraud.

Douyin Purchased Wallet Compromised: 50 Million RMB Stolen

A significant event in the crypto community occurred when a cold wallet bought on Douyin got hacked, draining 50 million RMB worth of cryptocurrency. According to SlowMist, the wallet’s private key was compromised immediately upon generation. Funds were laundered swiftly via Huiwang. The incident highlights builder SlowMist’s strong advisory against purchasing cold wallets from unofficial sources. In the wake of this event, SlowMist emphasized purchasing from legitimate sources, as nearly all unofficial channels list compromised products. Market leaders echoed similar security concerns, pointing out that decentralized finance relies heavily on device integrity and verified purchase channels.

According to CoinMarketCap, Ethereum (ETH) trades at $2,554.38 with a market cap of $308.37 billion, holding a 9.39% market dominance. Recent fluctuations include a 1.98% 24-hour rise and a 60-day increase of 56.10%. Ethereum’s significant liquidity often makes it a target for post-theft conversions.

“Investors must purchase cold wallets through official and legitimate channels, as 99% of the so-called ‘brand new and unopened’ or ‘special price flash sales’ cold wallets online are fake and likely tampered with.” – SlowMist Incident Response

Fake Cold Wallets Pose Major Security Risks: 99% Compromised

Did you know? A staggering 99% of online cold wallets not purchased through official channels are reportedly fake, posing a grave security risk to cryptocurrency investors.

Coincu researchers speculate that the rise of cryptocurrency theft incidents may stimulate tighter regulations and push technology providers to enhance wallet security protocols, therefore shaping future market dynamics.

According to CoinMarketCap, Ethereum (ETH) trades at $2,554.38 with a market cap of $308.37 billion, holding a 9.39% market dominance. Recent fluctuations include a 1.98% 24-hour rise and a 60-day increase of 56.10%. Ethereum’s significant liquidity often makes it a target for post-theft conversions.