23 September 2023
Robbers are seizing cell phones from unsuspecting victims who have invested in digital currency, and the victims claim losing thousands of pounds. The City of London police have given the Guardian anonymized crime records under the Freedom of Information Act, revealing that thieves are using both physical force and computer expertise to steal Bitcoin from unsuspecting victims.
Let's now divide up the cases of digital investors' phones being stolen in London by thieves or robbers.
To get an Uber, one person was mugged. They gave the device back, but the complainant subsequently discovered that the equivalent of £5,000 (about $6,170) in Ethereum had been stolen from his Coinbase account. A further victim reported to police that after a night out at the bar, his phone was stolen, and then £10,000 was taken from his account on the online trading site Crypto.com. The thief had a good idea that the victim was using his phone to enter his PIN number for his bank account while they were drinking at the bar.
Another time, a group of individuals approached a guy and offered to sell him some cocaine if he would accompany them into an alley. The guys pretended to enter a large number in his device, but actually gained access to his Bitcoin wallet before pinning him to the wall and demanding he use facial recognition to unlock his mobile. Ripple, another virtual money, was converted to sterling at the rate of £6,000 being taken from his account. A 3rd victim reported being sick beneath a bridge when he was mugged and his phone was unlocked using a fingerprint. The thief then altered the victim's privacy controls as well as made off with £28,700 in cash and Bitcoin.
Phil Ariss, head of the National Police Chiefs' Council's cybercrime program's Crypto squad, recently stated that more training was being provided to police officers on a variety of Crypto-related crimes and that they were additionally investigating how to educate the general public regarding the desire to be careful when attempting to enter a Cryptocurrency account. Nobody would be seen collecting £50 bills while strolling along the street. Crypto asset holders should take it into consideration.
Someone else reported to police that they had £10,000 taken from their account on the online investment site Crypto.com after having their cards and phone stolen from them after a night out at the bar. The report said that the victim was using his phone while in the bar, and that he was concerned that the criminals there had seen him enter his account PIN. The equivalent of a Crypto-based holdup. Apart from a money transfer, Cryptocurrency transactions cannot be reversed, making them more appealing to criminals.
For example, if you're robbed and you have to complete a money transfer, for instance, the bank may find out exactly where the money went. Yes, the exchange may be undone. Once you send Cryptocurrency to a Cryptocurrency wallet, you could never receive it back. Some individuals invest on their cell phones without taking the same precautions they should with cash, increasing the dangers. In the world of Cryptocurrency, citizens maintain absurd sums in their accounts. In their minds, it can't have monetary value.
The blockchain records all Bitcoin transactions, thus in principle law enforcement should be capable of locating missing Crypto. If they want to move money or other stolen goods, they will need to supply a wallet address, which they'll probably use again. If you intend to convert it into regular money, you'll need to take it to a currency exchange as well. This left a virtual footprint that detectives may and just do employ to solve Cryptocurrency breaches worth millions of dollars. On the other hand, they were less likely to have the means to investigate and prosecute isolated incidents of criminal activity. A solitary theft of a little quantity may not draw the attention of the police or a big law enforcement organization. The authorities are more likely to take notice of a wider conspiracy of action, when individuals are engaging in it more than once or twice.
In the second half of 2021, the Crypto muggings occurred in the City of London police's jurisdiction, a very limited area of London's financial center. These aren't the initial instances of individuals being threatened with violence and then forced to surrender to Cryptocurrencies. The year before, a pupil at the University of Kent said that eight men invaded his dorm room and demanded that he transfer £68,000 worth of Bitcoin to them armed with a knife. Zaryn Dentzel, an American entrepreneur in the field of information technology, reported being burglarized at his Madrid apartment later that same year. He claimed that they used a knife and stun gun on him before making off with several million pounds worth of Cryptocurrency.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.