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Crypto Crime Thieves In London Goes Physical As They Target Investors’ Gadgets

WikiBit 2022-08-16 18:39

Abstract:A series of crypto-muggings in London has landed all over London. Thieves now hurt and threaten investors physically in order to steal cryptocurrency from their mobile. Authorities are reminding investors to be extra vigilant in making crypto deals and activities in public

  Cryptocurrency or what people mostly refer to as “Crypto” is a form of currency in the digital world with the knowledge of cryptography that allows users secure transactions. It is a payment system which does not need physical money to carry around, rather all transactions can be made via an online database. The first ever crypto currency is Bitcoin, which was founded in 2009. Continuously, massive growth in the digital economy is making waves around the globe—this is due to possibilities of securing and doubling your money if prices skyrocketed and traded for profit.

  SOURCE: Global Market Insights (2020)

  Upon extensive research, WikiBit found that the crypto market is expected to grow significantly from 2021 to 2027 with an estimated gain of over 10% Compound annual growth rate (CAGR). As shown in the graph above, cryptocurrency trading is still on the rise even with the Covid-19 pandemic. Due to this, companies operating using the crypto market are expected to grow and expand as well, given the potential of the digital economy—most people nowadays invest in cryptocurrency.

  One country that has joined the crypto craze is the United Kingdom. According to a survey conducted by Reuters in London, people are more likely to take risks in cryptocurrencies than they are in buying stocks—that over 51% of investors between the ages of 18 to 37 own cryptocurrencies.

  With the crypto craze getting even crazier, some people cant get a hold of it and resort to committing crimes in order to gain from the digital transactions.


  WikiBit looked for data showcasing how crypto related crimes are on the rise. Run down by Chainanalysis, the graph above shows how crimes in crypto are being committed. Given that the Crypto market is in demand, thieves continuously find ways to steal from the investors. Recently in London, crypto thieves leveled up their game by going physical not just to target people's digital currency but also their gadgets.

  Heres the information gathered by WikiBit regarding the case:

   Apparently, aside from the rise of cybercrime involving fraud and stolen funds—thieves nowadays hurt and threaten investors physically in order to steal cryptocurrency from their mobile and snatched their gadgets as well. Since the rise of technological advancements, investors can easily access cryptocurrency providers using their mobile devices—so, one can easily perform crypto transactions and deals anywhere at any time. With that, thieves took advantage of the innovation to steal from investors making deals in public.

  One instance is from a crypto financier—while waiting for an uber trip, a group of street guys threatened him to turn over his mobile phone and transfer £5,000-worth of ethereum digital currency. Another one is a man victimized by pickpockets in which phones and cards were stolen from him. Later on, he realized that £10,000 was stolen from his account using platform. Numerous victims have verified the same incident happened to them as well.

  May it be positive or negative, recent market expansion opened a lot of potential given the digital era. Authorities are reminding investors to be extra vigilant in making crypto deals and activities in public.


  As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!




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