? Investor Lost $6.5M After Buying Counterfeit Crypto Wallet on Social Media
What happened:
A user in China bought a hardware crypto wallet at a discount via Douyin (the Chinese version of TikTok). However, the private key had already been compromised during the device’s creation. Just hours after activation, hackers drained the wallet.
Where the money went:
To wallets linked to the infamous Huione Group (Huiwang) — a platform repeatedly mentioned in crypto laundering schemes.
Who reported it:
SlowMist, a blockchain security firm known for uncovering hacks and fraud.
❗ Lesson learned:
Hardware wallets are great — if purchased from official, trusted sources only.
Remember: if a discount looks too good to be true, you’re probably the real product.
Avoid buying wallets via TikTok, Telegram, eBay, or any platform without strong reputations or guarantees. In crypto, there are no refunds.
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