A crypto investor suffered a loss of 6.9 million USD due to a counterfeit cold wallet bought from Douyin, the Chinese TikTok, where criminals used sophisticated techniques to compromise security.
The stolen funds were immediately laundered through a Cambodian network operated by Huione Group, raising alarms about the growing links between hardware wallet scams and organized crime.
This incident highlights a broader security crisis in the cryptocurrency realm, with increasing attacks targeting hardware wallets undermining user trust and prompting scrutiny from security experts.
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