London ‘Crypto Muggers’ Steal Phones From Digital Investors

There’s been a rash of “crypto muggings” in which thieves target digital currency investors on the streets, in which victims say “thousands of pounds” have been stolen after their mobile phones were taken, The Guardian reported.

The anonymous crime reports from City of London police showing that criminals are now using “physical muscle” combined with digital knowledge to try to steal crypto.

According to one victim, they’d been trying to order an Uber in London when muggers “forced them to hand over their phone.” When the victim got the phone back, they reportedly realized that they’d been taken for £5,000-worth of Ethereum digital currency from Coinbase.

Another case saw a victim telling police that his cards and phone had been taken after a night out. Then he found out there had been £10,000 stolen from his Crypto.com. He’d deduced that he’d used his phone in the pub, and the attackers may have seen him type in his account pin.

Crypto transfers are irreversible, marking a difference from a bank transfer — which could make this crime a better lure for thieves.

“If I get robbed and they force me to make a bank transfer, the bank can trace where the money has gone and there are all sorts of comebacks,” said David Gerard, who wrote “Attack of the 50 Foot Blockchain,” which centers on digital currencies. “You can reverse the transaction. With crypto, if I transfer it to my crypto wallet I’ve got your coins and you can’t get them back.”

See also: Crypto Heists Don’t Seem to Scare Investors

PYMNTS wrote that the numerous high profile crypto thefts haven’t deterred investors.

Some investors, according to a Wall Street Journal report, have been investing more, including the owner of Wormhole, a crypto platform, giving $320 million to that platform just one day after a hack.

And Sky Mavis, a gaming company, got together $150 million in investments just after a March attack targeting the Axie Infinity online game.