Reportedly, a crypto user lost nearly 7 million dollars in cryptocurrencies after buying a discounted cold wallet through the Chinese version of TikTok, Douyin, which turned out to be compromised.

The blockchain security company SlowMist claimed in a post on Saturday that "the private key was compromised at the moment of its creation" and that the user's funds "were drained within hours" of the compromised cold wallet.

Getting a cold wallet at a good price may seem like a good way to save money, but SlowMist claimed that cold wallets advertised as "factory sealed" or "discounted" have often been tampered with, and that the reduced price is a way to lure victims.