Wall Street · CoinDesk
A stolen iPhone, $14,000 in losses and London's crypto theft problem
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Magnus Ahmad, who had arrived in London and was enjoying a night out with old friends, handed his unlocked iPhone to a stranger outside a London bar, thinking the man was entering his phone number.
Key facts
- Ahmad estimates his losses at roughly $14,000, including about $9,500 in cryptocurrency, nearly $3,000 in unauthorized card charges and more than $800 in eToro trading losses and costs
- By 3:22 a.m., six unauthorized card transactions had been completed, including more than $2,000 in purchases at convenience-store chain Costcutter, according to Ahmad
- The theft occurred shortly after 1 a.m. on Aug. 8 in Hackney, east London
- By 1:53 a.m., cryptocurrency was being converted and transferred from his MetaMask wallet
Summary
Thieves stole Magnus Ahmad’s unlocked iPhone outside a London bar and quickly accessed his cryptocurrency wallets, financial accounts and personal data, causing an estimated $14,000 in losses. The case reflects a broader phone-theft problem in London, where criminals exploit unlocked devices and sometimes ship stolen phones overseas, though police say thefts have recently declined amid a crackdown. Ahmad advises victims not to chase thieves but to immediately use another device to remotely secure the stolen phone, freeze financial accounts, contact their mobile carrier and report the theft to police. Within hours, Ahmad's cryptocurrency wallets and financial accounts had been accessed, leaving him with an estimated $14,000 in losses.