Thugs Stealing Thousands in Cryptocurrency by Forcing Victims to Unlock Phones
Reports from the City of London police have revealed a disturbing trend in which criminals are using physical threats to coerce individuals into unlocking their smartphones and transferring their digital currency. The incidents, which occurred in the latter half of 2021, have resulted in victims losing tens of thousands of pounds’ worth of virtual currency.
According to data provided to The Guardian, criminal gangs are leveraging a combination of physical intimidation and cyber expertise to carry out these thefts. The incidents outlined in the report highlight the opportunistic nature of these crimes.
One victim had their phone seized by muggers while trying to order a cab. The criminals proceeded to transfer £5000 of Ethereum from the victim’s Coinbase account before returning the device. In another case, a man was held against a wall as assailants used facial recognition to unlock his phone and steal £6000 of Ripple.
Some victims have suffered even greater losses. In a particularly harrowing account, a man was forced to unlock his phone via fingerprint scan while being accosted under a bridge. The thief made off with over £28,000, including cryptocurrency. Another victim had £10,000 stolen from their Crypto.com account after pickpockets snatched their smartphone, likely having previously observed their PIN.
While blockchain technology theoretically allows for tracing the path of transactions, the City of London police lack the resources to investigate smaller-scale losses like those detailed in the report. However, if these incidents can be connected to a larger organized crime operation, there may be more impetus for a formal investigation.
It is important to note that these crimes are likely more widespread than reported, given that they occurred within the City of London police jurisdiction. Increasing user awareness will be crucial in combating these emerging threats.
“You wouldn’t walk down the street flaunting £50 notes and counting them. The same caution should apply to individuals with crypto assets,” remarked Phil Ariss, head of the National Police Chiefs’ Council cryptocurrency team.