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Magnus Ahmad, a former cryptocurrency executive, lost approximately $14,000 after thieves accessed his unlocked iPhone 14 Pro Max outside a pub in London’s Hackney neighborhood. The incident occurred shortly after 1 a.m. on August 8, when Ahmad handed his device to one of two men he had been speaking with earlier in the evening. A third man seized the phone and fled, initiating a sequence of unauthorized financial transactions that continued for more than two hours.
Timeline of Account Access
Ahmad described an extended social encounter with two men who appeared friendly. He believes they observed him entering his phone’s passcode on multiple occasions. Outside The Dolphin pub, one of the men offered to enter his contact details into the phone. When Ahmad handed over the unlocked device, the third man grabbed it and ran. Ahmad pursued the thief but was unable to recover the iPhone.
Financial damage began almost immediately. By 1:53 a.m., cryptocurrency was being converted and transferred from Ahmad’s MetaMask wallet. Attackers also accessed his Phantom and Bybit accounts. By 3:22 a.m., six unauthorized card transactions had been completed, including more than $2,000 in purchases at the convenience store chain Costcutter.
The attackers further accessed Ahmad’s eToro account, opening leveraged cryptocurrency positions that represented nearly $44,000 in trading exposure. This figure reflected trading exposure rather than a direct withdrawal. The positions resulted in additional trading losses and costs. Ahmad’s total estimated loss of $14,000 comprised approximately $9,500 in cryptocurrency, nearly $3,000 in unauthorized card charges, and more than $800 in eToro-related losses and costs.
Recovery and Security Measures
Ahmad stated that chasing the thief consumed time he could have used to secure his accounts from another device. After freezing his cards and regaining control of key accounts, his larger bank balances and other cryptocurrency holdings remained intact. The incident does not indicate that the underlying wallet services or trading platforms suffered a security breach; the compromise stemmed from physical access to the unlocked smartphone.
Ahmad suspected the thieves remotely locked his MacBook through his Apple account, but the cause of the laptop becoming unusable was not independently established. He now carries an older iPhone with a separate Apple account and fewer applications when going out to limit the services accessible on the device. Photographs of identity documents stored on the stolen phone may pose a continuing risk of identity fraud.
Apple recommends marking a stolen device as lost as quickly as possible to lock it via Lost Mode. Stolen Device Protection requires Face ID or Touch ID to disable Lost Mode if enabled. Apple also warns against removing a stolen device from Find My, as this action removes Activation Lock. Victims are advised to contact financial institutions, mobile carriers, and police to report the theft and limit further exposure.
Frequently Asked Questions
How much did Magnus Ahmad lose from the stolen iPhone?
Ahmad estimated his total losses at approximately $14,000, which included $9,500 in cryptocurrency, $3,000 in unauthorized card charges, and $800 in eToro losses.
Which accounts were accessed after the phone was stolen?
Thieves accessed Ahmad’s MetaMask, Phantom, and Bybit cryptocurrency accounts, as well as his eToro trading account and payment cards.
