$6.9M Gone in Hours: How a ‘Discounted’ Cold Wallet on China’s TikTok Drained a Crypto User’s Fortune

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An investor has lost $6.9 million after buying a compromised device from Douyin—China’s TikTok.

According to blockchain security experts SlowMist, the wallet’s private key was pre-hacked, allowing thieves to swipe the funds almost instantly.

The victim had purchased the wallet through Douyin Shop, where third-party sellers often push “discounted” or “factory-sealed” devices—many of which are secretly tampered with.

The story took a personal turn when Hella, a former Bitmain team member, shared on X that the victim was a close friend who called late at night in a panic. “It gave me chills,” Hella wrote.