Stolen iPhone drains $14,000 in crypto and accounts in London

Thieves who grabbed Magnus Ahmad's unlocked iPhone outside a bar in Hackney, east London, emptied his crypto wallets and financial accounts within hours, leaving about $14,000 in losses. By 1:53 a.m. — under an hour after the snatch — cryptocurrency was being converted out of his MetaMask wallet, with his Phantom and Bybit accounts also accessed; by 3:22 a.m. six unauthorized card transactions had gone through, including over $2,000 at Costcutter, and his Uber account was used to book a ride.

Thieves also accessed his eToro account and opened leveraged crypto positions representing nearly $44,000 in exposure, generating further losses rather than withdrawals. The total includes roughly $9,500 in crypto, almost $3,000 in card charges and more than $800 in eToro losses; his larger bank balances survived after he froze cards and regained control of key accounts.

• Ahmad, a former crypto executive, advises victims not to chase thieves but to remotely secure the phone, freeze financial accounts, contact their carrier and report the theft to police.
• The case reflects London's broader phone-theft problem, though police say thefts have declined amid a crackdown.