A sharp increase in mobile phone robberies across London is fuelling a rise in cryptocurrency thefts, with criminals exploiting stolen devices to drain wallets and score millions in digital assets amid a record year for crypto heists.
London is currently experiencing a troubling surge in cryptocurrency thefts linked to mobile phone robberies. Unlike more notorious crypto crimes involving kidnappings and physical violence, these incidents often hinge on opportunistic phone thefts coupled with social engineering tactics aimed at younger crypto holders who are comfortable engaging with strangers in public spaces after dark. This was exemplified by Neil Kotak, who recounted to the Financial Times how he was approached by seemingly friendly men during a night out, only to have his phone snatched after he logged in to pass on a contact number. Despite his attempts to disable the device, his crypto wallets on platforms like Coinbase and Binance were drained of nearly £10,000 within minutes.
This wave of thefts arrives amid a banner year for crypto crime, driven in part by monumental hacks of exchanges such as the $1.5 billion breach of Bybit in early 2025, described by blockchain intelligence firm Chainalysis as the largest single hack in the sector’s history. Chainalysis reported that by mid-2025, over $2.17 billion had been stolen from cryptocurrency services, outstripping losses for all of 2024 combined, with projections suggesting that stolen funds could reach $4 billion by year’s end. Notably, a growing proportion of these thefts are personal wallet compromises, accounting for nearly a quarter of the stolen value, underscoring the heightened vulnerability of individual users.
London’s escalating problem with mobile phone theft is a critical component of this trend. Government and police data reveal that in 2024, 80,000 phones were stolen in London—a 25% increase from the previous year—with the most expensive Apple devices frequently targeted. These stolen phones often serve as gateways to cryptocurrency accounts and are subsequently trafficked both locally and abroad. The Metropolitan Police’s intensified crackdown on phone theft in early 2025 saw over 230 arrests and the seizure of more than 1,000 stolen handsets within a week-long operation focused on hotspot areas such as the West End and Westminster. This intervention aimed to stem the £50 million annual trade in stolen phones, which fuels various criminal enterprises including crypto theft.
The case of Kush Chaudary in Soho highlights how these crimes have evolved. After his phone was stolen by a gang in May 2025, thieves rapidly emptied his crypto wallet and bank accounts, resulting in a loss of £35,000. The Metropolitan Police have since escalated their efforts to combat this growing menace through both enforcement and calls for collaboration with technology companies. Critics, including Members of Parliament, have urged Apple and Google to do more to render stolen devices unusable, thereby undermining the profitability of phone theft rings.
This intersection of mobile phone theft and cryptocurrency crime underscores a complex challenge for law enforcement and the tech industry alike. As criminals exploit the growing adoption of digital assets and the ubiquity of smartphones, effective responses must blend targeted policing, technological safeguards, and public awareness. The ongoing increase in thefts documented by the Metropolitan Police from 2019 through 2024—with over 115,000 phones stolen annually in recent years—signals the urgency of multifaceted strategies to protect both physical devices and the digital wealth they often secure.
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Source: Noah Wire Services
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The narrative was published on 21 September 2025. The earliest known publication date of substantially similar content is 6 February 2025, when the Metropolitan Police launched a crackdown on mobile phone thefts in London. ([bbc.co.uk](https://www.bbc.co.uk/news/articles/c4g39ldprr3o?utm_source=openai)) The report includes updated data on cryptocurrency thefts and personal wallet compromises, which may justify a higher freshness score. However, the core narrative has been previously reported. The report appears to be based on a press release, which typically warrants a high freshness score. No discrepancies in figures, dates, or quotes were identified. The narrative does not include any recycled content from low-quality sites or clickbait networks.
Quotes check
Score:
9
Notes:
The direct quote from Neil Kotak appears to be original, with no identical matches found in earlier material. This suggests potentially original or exclusive content. No variations in quote wording were noted.
Source reliability
Score:
7
Notes:
The narrative originates from PYMNTS, a reputable organisation. However, the report is based on a press release, which may affect the perceived reliability. The Financial Times is cited as the source of the information, which is a reputable organisation.
Plausability check
Score:
8
Notes:
The claims regarding the surge in cryptocurrency thefts linked to mobile phone robberies in London are plausible and align with recent reports. For instance, a report from 29 May 2025 details a phone theft victim losing £35,000 after a ‘crypto mugging’ in Soho. ([standard.co.uk](https://www.standard.co.uk/news/crime/phone-theft-victim-loses-ps35-000-after-crypto-mugging-in-soho-b1230279.html?utm_source=openai)) The narrative includes specific factual anchors, such as dates, locations, and figures, enhancing its credibility. The language and tone are consistent with typical reporting on such topics. No excessive or off-topic detail unrelated to the claim was noted.
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The narrative presents updated information on the surge in cryptocurrency thefts linked to mobile phone robberies in London. While the core narrative has been previously reported, the inclusion of recent data and specific examples adds value. The source is reputable, and the claims are plausible and supported by specific details.
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