When the “cold” burns: How a crypto investor lost $6.5 million to a Chinese TikTok wallet

In the world of cryptocurrencies, the main commandment is simple: “Not your keys, not your coins.” But even when you take security into your own hands, mistakes are possible. And sometimes fatal ones.

One crypto investor learned this the hard way. His loss was $6.5 million in cryptocurrency. The reason? A cold wallet purchased through Douyin — the Chinese version of TikTok.

What happened.

An investor decided to buy a cold crypto wallet — a device for securely storing cryptocurrency that doesn’t connect to the internet. Sounds reasonable. He found a tempting offer on Douyin Shop: new model, low price, “factory packaged”.

A few hours after transferring the funds to that wallet, it was stolen. All of it. $6.5 million was gone — no return, no trace, no chance.

It later turned out that the wallet’s private key had been compromised before the purchase — even at the manufacturing or packaging stage. He had simply purchased a trap skillfully disguised as a security solution.

Why did this happen?

Because trust is not a defense.

Security experts from SlowMist explained: these devices are often counterfeited and sold “at a discount” to lure as many victims as possible. Compromised keys are loaded in advance, and the user doesn’t even realize that the moment they think they are protecting assets, they are actually handing them over to the attacker.

Moreover, the stolen funds were promptly laundered through Huione Group, a transnational network that the US has already accused of facilitating money laundering and crypto fraud.

How to avoid such a fate?

1. Never buy wallets from unverified sellers.

2. Don’t fall for discounts and “factory packs”. This is what scammers are counting on.

3. Control the generation of your keys. Only you should create and see the private key.

There’s a solution: DexSAFE

Instead of relying on someone else’s hardware, someone else’s software, and someone else’s promises — choose a total decentralized crypto wallet where everything is in your hands.

With DexSAFE:

• You create the wallet yourself. Only you know the key.

• Maximum decentralization. No servers, no middlemen, no third party access.

• Intuitive interface. No compromise between convenience and security.
  Mobile app with full privacy. No request is transmitted without your consent.

• Duress mode. In an emergency, you can hide assets or quickly transfer them to a secure address.

Download DexSAFE right now:

🔗 Android (Google Play)

🔗 iOS (App Store)

Conclusion:
Wallet is not just a storage tool. It’s a matter of trust and control.

❌ Option: trust an unfamiliar seller on a marketplace and lose everything.

✅ Alternative: choose DexSAFE and keep control in your own hands.

You don’t have to trust. You can be in control.

Make the right choice — before it’s too late.

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