London Sees Rise in Crypto Theft Despite Regulations
London is becoming a hotspot for crypto-related crimes despite tighter regulations. Recently, Christian D’Ippolito, 42, lost nearly £40,000 in crypto assets. The theft happened earlier this month near Old Street roundabout.
According to a Financial Times report, four men snatched Christian’s phone after a night out. They emptied his crypto wallet within hours.
The London Metropolitan Police report a surge in smartphone thefts targeting crypto holders. These incidents often occur near Old Street roundabout and Brixton. Thieves use stolen phones to access crypto wallets and steal tens of thousands of pounds.
Young Adults Are Main Targets
Crypto thefts mainly target young adults. One in four people aged 18 to 34 in the UK own cryptocurrency, with men being the majority.
Thieves approach young men returning from social events. They start casual conversations before snatching their phones. Then, they bypass security measures, sometimes resetting Apple IDs or exploiting crypto apps.
Neil Kotak, a victim who lost £10,000, said, “They seemed pretty friendly, we were just talking. One of them asked me to take his number for the future. I logged in. At that point, they just grabbed my phone.”
Smartphone Use Increases Crypto Theft Risks
Smartphone dependency adds to crypto theft risks. An unlocked phone can reveal emails, passwords, two-factor authentication codes, and passport photos. This gives thieves full access to digital assets.
Although crypto transactions are traceable, many thieves avoid capture. UK police often lack the expertise to track stolen crypto.
Former Met and City of London officer Pounder says only a small fraction of reported fraud cases get police action. He reported 20 thefts to Action Fraud with evidence, but none led to police investigations.
