Crypto Wallet Thefts Surge in London as Thieves Target Phone Owners

London is witnessing a sharp rise in cryptocurrency thefts, with criminals targeting smartphones to drain digital wallets within hours. The Financial Times reports a growing trend where victims like Christian d'Ippolito lose substantial sums—nearly £40,000 in his case—after having their phones snatched in coordinated street robberies.

Thieves exploit the concentration of personal data on mobile devices, including passport photos, passwords, and two-factor authentication codes. Former Met Police officer Scott Pounder, now at Token Recovery, notes criminals are deliberately targeting young men, who are statistically three times more likely than women to hold crypto assets in the UK.

Law enforcement struggles to keep pace with these technologically sophisticated crimes. Victims describe a sense of helplessness, with some reconsidering their daily routines and even charitable activities after attacks. The trend underscores the vulnerabilities of mobile-centric crypto ownership in urban environments.