23.06.2025
$6.5 Million Stolen via a Fake Hardware Wallet
A user lost $6.5 million after purchasing a hardware crypto wallet through the Chinese platform Douyin – the local version of TikTok. The device was compromised even before it reached the buyer: attackers had gained access to the private key during its creation.The funds were withdrawn just hours after the wallet was activated. The incident was reported by X user Hella, a former Bitmain employee. According to her, the victim was a close friend, and she described the wallet as a “carefully crafted hot trap.”The stolen crypto assets were laundered through Huiwang – a Cambodian conglomerate running illegal services, including Huione Pay and the Huione Crypto exchange.SlowMist, an international company specializing in blockchain ecosystem security, warns that low-cost “factory-sealed” wallets are often fakes. The low price is just a lure. This is especially relevant on platforms where sellers are not properly verified. In Douyin, as with many marketplaces, third-party vendors can list products directly – which is how the compromised device was purchased. SlowMist’s Chief Security Officer, known as 23pds, noted: “You can’t entrust your entire savings to a device just because it’s a couple of hundred dollars cheaper. That’s not saving money – it’s risking everything.”WX.Money urges all users to stay alert when buying hardware wallets. We strongly recommend purchasing only from official distributors and never trusting your funds to unverified solutions. Security must come first – especially when large sums are involved.