Investors Have Their Assets Stolen While Buying Cold Wallets on TikTok

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Warning: Buying “New” Cold Wallets Online

According to security expert 23pds, the Chief Information Security Officer (CISO) of SlowMist – a leading blockchain security company, an investor recently lost nearly 50 million yuan (approximately $6.9 million) after purchasing a cold wallet via TikTok. The incident was discovered through an emergency call in the middle of the night, when the victim’s entire digital asset portfolio had been completely stolen.

What is alarming is that the private key of the wallet was compromised right from the wallet creation stage, indicating that the device may have been tampered with before reaching the user. This is not an isolated incident, but rather a meticulously orchestrated scheme.

Assets Vanished Without a Trace

After gaining control, the hackers immediately “laundered” the assets through the Huiwang platform, leaving authorities nearly powerless to trace them. SlowMist believes this is a form of increasingly sophisticated fraud targeting those who are unsuspecting or drawn in by the proliferation of advertisements for “cheap, brand new” cold wallets on social media.

A Cautionary Note: Only Buy Cold Wallets from Authorized Sources

Expert 23pds emphasizes that 99% of “new” cold wallets advertised online are counterfeit, often pre-installed with malware or leaking private keys. These enticing advertisements, promising wallets pre-loaded with digital assets at bargain prices, are essentially traps that prey on users’ greed.

Investors are advised to only purchase cold wallets from official, clearly verified distribution channels. A little caution in security measures can help you avoid the risk of losing your assets due to a hasty decision. In the digital world, safety must always come first.

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