Muggers in London are now targeting crypto holders’ smartphones to rob cryptocurrency from their crypto accounts. It is done via getting access to crypto accounts through smartphones.
Muggers targeting smartphones to steal cryptocurrency
As per sources, in one such incident, a bunch of individuals approached a man to sell him cocaine. For payment of the cocaine, the group compelled the man to open his crypto account app with face verification. The fraudsters then transferred $7,400 in XRP from his crypto account.
In another story, a mugger suddenly took a person’s smartphone. After that, $6,200 in Ethereum was transferred from his crypto account while attempting to book an Uber ride.
In another similar robbery, a victim informed police that after an evening at the bar, his cards and phone were pickpocketed, and $12,000 was subsequently taken from their Crypto.com account. According to the investigation, the victim was using his phone in the pub where suspected thieves saw him enter his account PIN.
Bank transactions vs Blockchain transactions
According to David Gerard, these incidents are a kind of crypto mugging. David is the author of ‘Attack on the 50 Foot Blockchain’, a book about digital currency. He explained that people are not taking the same level of prudence for crypto as they do for fiat currencies. Regarding the difference between bank fraud and crypto fraud, he further stated the followings:
“If I am robbed and forced to make a bank transfer, the bank can track where the money has gone, and there are all kinds of consequences. However, with cryptocurrency, if I move it to my crypto wallet, I have your coins and you can’t get them back.”
Blockchain transactions are permanent and cannot be undone. Therefore, crypto is an appealing medium to commit crimes. At best, security agencies can get a digital trail which is often employed in situations of million-dollar crypto theft. However, this is not applicable in these circumstances because the muggings are generally minor and one-time events.
