.png){kind=logo}
An unlocked iPhone stolen outside a London bar has left crypto veteran Magnus Ahmad with an estimated USD 14,000 in losses. The thieves accessed his cryptocurrency wallets, payment cards and trading accounts within hours of the August 8 theft.
Ahmad told CoinDesk that the theft happened in Hackney after strangers befriended him during a night out. Police have reported efforts to disrupt London phone theft networks.
Ahmad said two men approached him while he was meeting friends and spent time talking with him. He believes the men saw him enter his passcode, but police have not verified that account. Outside The Dolphin on Mare Street, one man asked to enter his number into Ahmad's iPhone 14 Pro Max.
When Ahmad handed over the unlocked device, another man grabbed it and ran. Ahmad chased him but failed to recover the phone. He later returned to the bar and asked staff to contact police.
By 1:53 a.m., someone had started converting and transferring cryptocurrency from his MetaMask wallet, Ahmad said. The thieves also accessed his Phantom and Bybit accounts. By 3:22 a.m., six card payments had gone through, including more than USD 2,000 spent at Costcutter stores.
Ahmad estimated USD 9,500 in missing crypto, nearly USD 3,000 in unauthorized card spending and over USD 800 in eToro losses and fees. The intruders opened trades carrying nearly USD 44,000 in exposure, not a withdrawal of that amount. He protected larger balances by freezing cards and recovering account access.
Ahmad also reported unauthorized Uber activity and trouble accessing his MacBook during the recovery effort. He suspects someone used his Apple account to lock the laptop remotely, but investigators have not established that explanation. His phone also held identity documents that could be misused.
His case follows other reports of criminals gaining access to crypto accounts through unlocked phones. However, police have not established whether the suspects in Ahmad's case belong to a wider theft network. The Metropolitan Police did not respond to CoinDesk's questions about his case.
In a September 25 statement, the Metropolitan Police said three men received a combined 25 years in prison for handling stolen phones. Investigators linked their operation to as many as 40,000 devices shipped from the UK to China in 2024 and 2025. Police also reported that phone theft and robbery offences across London had fallen by one-fifth in 2026.
An October 8 police update described more than 700 arrests during September's crackdown. Those figures cover wider policing activity and do not establish whether thefts around The Dolphin have decreased.
After the theft, Ahmad spent hours trying to secure his accounts. He now carries an older phone with a separate Apple account and fewer applications when going out, he told CoinDesk. “Do not chase the runner or the cyclist,” he said, citing personal safety risks.
Instead, he recommended using another device immediately to mark the stolen phone as lost and protect account access. He said victims should freeze payment cards, contact mobile carriers and file police reports. Such measures may restrict further access, but they cannot guarantee recovery of stolen cryptocurrency.
Ahmad said police reports can support reimbursement claims with financial institutions. Authorities have not publicly linked arrests to his case, and recovery of the stolen crypto remains unconfirmed.
ALSO READ: Nasdaq Futures Plunge as Amazon, Intel Stocks Tumble After Earnings