Cryptocurrencies are growing slowly and have become a popular investment option for many users around the world. While it brings a decentralized approach to investment, its unregulated structure also makes cryptography the latest target for criminals with technical know-how. The City of London Police warned of a new wave of “cryptocurrency robbery” across the British capital, as victims reported that thousands of pounds had been stolen from their accounts after the smartphone was seized, the Guardian reported. ..
Victims were reportedly forced to hand over the phone to the robbers near Liverpool Street Station in central London. In the end, the phone was returned to the victim. Victims later discovered that £ 5,000 worth of Ethereum was missing from his Coinbase account. Coinbase is a global cryptocurrency exchange platform.
Another victim reported that £ 28,700, including cryptocurrencies, was stolen from his account after the robber used his fingerprint to unlock the phone and change security settings.
In another case, the victim reported approaching him from a group of people who offered to sell cocaine and asking him to take them to an alley to carry out the transaction. After offering to enter the number on his phone, the gang forced him to unlock the phone using his facial recognition and transferred £ 6,000 worth of Ripple coins.
The robbers also appear to be tracking the intended target, as they told police that £ 10,000 had been stolen from their Crypto.com account after the card and phone were pickpocketed after the victim visited the pub. The victim says he was using his phone while in the pub, and the thief believes he saw him enter his PIN.
Most of the robbery cases were reported in London’s financial district in late 2021.
Gurvais Grig, Chief Technology Officer of Chainalysis, told Guardians that all cryptocurrency transactions would be recorded on the blockchain, theoretically allowing police to track the movement of digital currencies. Chainalysis is a global platform that provides blockchain data and analytics to governments, banks and businesses.