London Phone Theft Costs Crypto Holder $14,000 in One Night

Magnus Ahmad, a former crypto executive who now runs an AI education business, lost an estimated $14,000 after thieves took his unlocked iPhone outside a bar in Hackney, east London, shortly after 1 a.m. on August 8. A stranger offered to type in his own number to save time, and a third man snatched the phone and ran. Ahmad chased him but could not catch him.

How Thieves Drained Crypto Wallets and Bank Accounts

By 1:53 a.m., funds were leaving his MetaMask wallet, and his Phantom and Bybit accounts were opened. Six card payments followed by 3:22 a.m., and the thieves booked an Uber ride and opened leveraged positions on eToro. Losses included about $9,500 in crypto, nearly $3,000 in card charges and over $800 in trading costs. His main savings stayed safe, but his MacBook may have been locked remotely.

Phone Theft in London and Lessons for Crypto Users

Police have broken up a network suspected of sending up to 40,000 stolen phones to China. Ahmad now carries an old phone with few apps, and advises victims to secure accounts from another device before calling police.