Stolen iPhone in London led to $14,000 in crypto losses within hours

Thieves took one unlocked phone and emptied a crypto user's accounts in hours

Magnus Ahmad handed his unlocked iPhone to a stranger outside a London bar. Seconds later, another man grabbed the phone and ran. Within hours, his crypto wallets, bank cards and other accounts had been hit, causing an estimated $14,000 in losses, according to CoinDesk.

Ahmad, a former crypto executive who now runs an AI education business, had just arrived in London and was out with old friends when the theft happened.

Key points

• The theft happened shortly after 1 a.m. on Aug. 8 in Hackney, east London.
• Losses are estimated at $14,000 across crypto wallets and financial accounts.
• By 1:53 a.m., crypto was being converted and moved out of his MetaMask wallet, a popular self-custody crypto wallet app. His Phantom wallet and Bybit exchange accounts were also accessed.
• By 3:22 a.m., six unauthorized card transactions had gone through, including more than $2,000 at the Costcutter convenience-store chain.
• Thieves also used his Uber account and got into his eToro trading account.
• The case reflects a wider phone-theft problem in London, though police say thefts have recently declined after a crackdown.

How the scam unfolded

Two men first approached Ahmad at a bar in the Market Hall in Hackney while he was with friends. They spent hours posing as regular clients out for a drink. Looking back, Ahmad says they watched over his shoulder all night and saw him enter his iPhone's access code several times.

Outside The Dolphin pub on Mare Street, after his friends went inside, the two men appeared again. One asked to put his number in Ahmad's phone. "I was putting in his number, and he said, 'Oh, let me just do it, it'll be quicker,'" Ahmad told CoinDesk. He handed over his unlocked iPhone 14 Pro Max, and a third man grabbed it and ran.

Ahmad chased the thief through quiet East London streets for several hundred feet but could not catch him. He returned to the bar and asked staff to call the police, not yet knowing how fast his accounts would be targeted.

London's phone theft problem

The case fits a broader pattern in London, where criminals exploit unlocked phones and sometimes ship stolen devices overseas. The Dolphin's manager, Lord Cemal, said things have gone quieter since police cracked down on local mobile phone thieves, and police say thefts have recently declined.

What is confirmed

The timeline, the $14,000 estimate, the affected accounts (MetaMask, Phantom, Bybit, eToro, Uber) and the card transactions come from Ahmad's account to CoinDesk and its reporting. The decline in thefts is attributed to police. The full extent of trading done inside his eToro account was not detailed in the available material.

The victim's advice to others

Ahmad advises victims not to chase thieves. Instead, he says, immediately use another device to remotely secure the stolen phone, freeze financial accounts, contact the mobile carrier, and report the theft to police.

Sources

• CoinDesk