iPhone Theft in London Costs a Veteran Crypto Activist $14,000!

A veteran in the cryptocurrency industry lost approximately $14,000 in assets after handing his iPhone to a stranger for just a few seconds. The thieves accessed his unlocked phone and were able to reach his cryptocurrency wallets, trading accounts, and banking information within hours.

According to Mihan Blockchain, Magnus Ahmad, a former manager of a crypto company who now runs a business in AI education, was targeted by thieves in the Hackney area of London in the early hours of August 8. After hours of gaining his trust and observing his phone's password, the attackers used a simple trick to steal his iPhone 14 Pro Max and quickly went after his financial accounts.

Ahmad, who has 15 years of experience in the crypto market, says he lost a total of about $9,500 in cryptocurrency, nearly $3,000 through unauthorized banking transactions, and over $800 in his trading account.

How Did the Phone Theft Lead to the Theft of Digital Assets?

The incident began at a gathering in a café in Hackney. Two men, who presented themselves as regular café customers, socialized with Ahmad and his friends for hours. He later realized that these individuals had been watching his phone screen throughout the night and had seen his password while he was using it.

After Ahmad's friends left the café, the same individuals approached him again. One of them took Ahmad's unlocked phone under the pretense of entering his phone number, and moments later, a third person snatched it and fled.

Ahmad initially chased the thief and then returned to the café to report the incident, unaware that the attackers were simultaneously accessing his financial accounts.

According to his account, by 1:53 AM, the assets in his MetaMask wallet had been converted and transferred, and the Phantom and Bybit accounts were also accessible to the thieves. By 3:22 AM, six unauthorized banking transactions had been made, with over $2,000 spent on purchases from chain stores.

The attackers also accessed his eToro trading account and opened leveraged positions with a nominal value of nearly $44,000. Instead of directly withdrawing this amount, these trades incurred additional costs and trading losses for Ahmad.

He ultimately managed to prevent the attackers from accessing a significant portion of his bank balance and other assets by blocking his bank cards and recovering important accounts.

Phone Theft in London Has Become a Serious Problem

Ahmad's story is an example of how thieves gain access to individuals' financial information and digital wallets by earning their trust and obtaining their phone passwords. Smartphones, due to their storage of banking information, emails, and trading accounts, can become an entry point for attackers into the victims' assets.

Phone theft in London also has a long history. The Metropolitan Police had previously reported dismantling a network suspected of trafficking around 40,000 stolen phones to China. The manager of the café from which Ahmad had exited also stated that phone theft in the area had become a serious issue, and his own daughter had fallen victim to such an incident.

An Expensive Lesson for Cryptocurrency Users

Ahmad says that after this incident, he changed the way he uses his phone when going out. He now carries an old iPhone with a separate Apple account and a limited number of applications.

He believes his biggest mistake was not taking immediate action to protect his accounts instead of chasing the thief. Ahmad advises victims of such thefts to lock their phones immediately through their Apple or Google accounts using another device instead of pursuing the thief and to limit access to their financial accounts.

He also emphasizes the necessity of contacting the bank and mobile operator immediately and reporting the theft to the police. However, remotely locking the phone does not guarantee that the attackers cannot access the information or that the stolen assets will be recovered.