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Magyar31 Oct 2026
A former crypto executive lost an estimated $14,000 after thieves grabbed his unlocked iPhone outside a bar in Hackney, east London. Within an hour his MetaMask wallet was being drained, and his Phantom, Bybit, eToro, card and Uber accounts were also hit. The case shows why an unlocked phone is now a key to your whole portfolio.
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Crypto phone theft is no longer just about the handset. Magnus Ahmad, a former crypto executive who now runs an AI education business, told CoinDesk that a stolen iPhone cost him an estimated $14,000 in a single night in London, after thieves used the unlocked device to get into his wallets, exchange and bank accounts.
How the theft happened
According to CoinDesk, the theft took place shortly after 1 a.m. on Aug. 8 in Hackney, east London. Two men struck up a friendly conversation with Ahmad outside a bar and later asked for his number. He handed over his unlocked iPhone 14 Pro Max so one of them could type it in, and a third man grabbed the phone and ran. Ahmad chased him but could not catch him.
What the thieves accessed
The speed is the striking part. By 1:53 a.m., crypto was already being converted and moved out of his MetaMask wallet. His Phantom wallet and Bybit account were also accessed. By 3:22 a.m., six unauthorized card payments had gone through, including more than $2,000 at a convenience-store chain. The thieves also booked an Uber and opened leveraged crypto positions on his eToro account with nearly $44,000 of exposure, which produced losses and costs rather than a withdrawal.
Ahmad puts the total at about $9,500 in crypto, close to $3,000 in card charges and more than $800 in eToro losses and costs. His larger bank balances and other crypto holdings survived because he froze cards and regained control of key accounts, a fight he said took about seven hours. His phone also held photos of identity documents, which raises the risk of later identity fraud.
CoinDesk notes the method matches cases described by The Times, where thieves befriend victims and persuade them to hand over unlocked phones. London police say phone thefts have recently declined amid a crackdown.
What it means for traders
- An unlocked phone with hot wallets and exchange apps is a single point of failure. Keep long-term holdings in self-custody on a hardware wallet, not on the device you carry at night.
- Turn on app-level locks (biometrics or a separate PIN) for wallets and exchange apps, plus withdrawal address allowlists and withdrawal delays where your exchange offers them.
- Do not store seed phrases or ID document photos in your camera roll or notes.
- If it happens, Ahmad’s advice is not to chase the thief but to use another device right away to lock the phone, freeze cards and exchange accounts and call your carrier, then file a police report, which matters for reimbursement claims.
Security features differ a lot between platforms. Our exchange comparison covers account security, with BingX ranked first and OKX second. New to crypto? Start with where to buy your first bitcoin. For the biggest security story of the week, see our coverage of the Binance hack recovery.
This article is for information only and is not financial advice.
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