They trusted a sealed wallet from TikTok, and it cost them $6.9M

Key Points

1. A victim lost $6.9 million after using a seemingly sealed hardware wallet purchased from TikTok, which was later found to be compromised.

2. The attackers drained the wallet instantly, exploiting pre-set private keys, despite the wallet appearing functional.

3. SlowMist, a blockchain security firm, traced the stolen funds to Huiwang, a Cambodian entity known for laundering cyber heist proceeds.

4. The global hardware wallet market is growing, but counterfeit wallets sold on social media platforms like TikTok pose significant risks.

5. Crypto scams on social media platforms are increasing, with over $2.1 billion stolen in the first half of 2025 due to compromised hardware wallets.