Rough lessons to learn.
I hope he learned 2 things.
Don't let a stranger mess with personal things.
Don't glitch/cheat in online games.
I would never do this to a kid, and it sucks, but this is hardly a "devastating" thing unless your parents have done a horrible job of teaching you some priorities in life by age 11.
My daughter is 7 and lost a big save on her gaming PC with Lego Marvel Superheros. (some screwy thing with cloud saves/steam apparently...not sure) She was very upset at first, but we had a good talk about game saves being trivial and how this sort of thing isn't important in life or the grand scheme of things. It's definitely not something worth crying about and spending time upset over. Games have also given me a great chance at teaching her not to give up, and to suck it up/keep practicing when she loses or dies.
I'd say games are a great way to learn some small life lessons. The little guy will be fine if his parents are worth anything. (I realize they may not be

)