Jun 2025 - Ledger Bought From Seller On Douyin Results In Massive Theft - $6.5m (Global)
The victim is a friend of Twitter user hella1413.
The name reportedly includes a zodiac character (like “Jun” for horse, “Long” for dragon, “Hu” for tiger...).
Limited information is available as to how the Ledger device was tampered and what specific steps were taken by the user upon receiving the device.
There are a wide range of evolving scams involving fake devices, counterfeit firmware, phishing, and social-engineering tricks.
The losses are reported as 500m RMB, equivalent to $6.5m USD.
The incident was shared on Twitter/X.
Uncertain.
There is no information as to whether or not any recovery will be possible.
The funds are still being traced. It is unclear if any recovery will be possible.
Further Analysis
A friend of Twitter user @hella1413 reportedly lost around 500 million RMB (~$6.5 million USD) after using a tampered Ledger hardware wallet purchased through Douyin. The victim's name allegedly includes a zodiac character, though few details are known about how the device was compromised or what actions the user took after receiving it. The incident, shared on Twitter/X, highlights a growing wave of sophisticated scams involving fake wallets, counterfeit firmware, phishing, and social engineering. The stolen funds are still being traced, and it remains uncertain whether recovery is possible.
How Could This Have Been Prevented?
More Cryptocurrency Exchange Hacks/Scams/Frauds
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Sources/Further Reading
SlowMist - "Last night, We received an emergency report: a user lost $6.5M worth of crypto from a cold wallet. The wallet was bought via Douyin (TikTok China), but the private key was compromised at creation — and funds were drained within hours." - Twitter/X (Dec 31)
SlowMist - "Recently, a victim suffered a loss of around $6.5 million after purchasing a hardware wallet on Douyin (China’s TikTok). As crypto values soar, attacks on hardware wallets are evolving—from fake devices, counterfeit firmware updates, phishing sites, to sophisticated social engineering traps." - Twitter/X (Dec 31)
IM23PDS - "Warning! Last night, someone urgently asked for help Overnight, nearly 50 million in assets vanished, all because of buying a “cold wallet” on Douyin!" - Twitter/X (Dec 31)
EvilCos - "$6.5 million stolen, I woke up this morning to a flood of messages and pulled the team to handle it... Scams related to hardware wallets always manage to trap some big players, and this time it’s a scam centered around Ledger hardware wallets. Every year, several people fall for it, and the scammers’ techniques and scripts keep evolving. But the defense is so simple, so simple I don’t even want to say it again..." - Twitter/X (Dec 31)
Ledger Live : Most trusted & secure crypto wallet (Dec 31)
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