The UK Police is investigating a spate of “crypto muggings” in London.
Victims of the muggings have reportedly lost thousands of pounds in cryptocurrency.
Criminals either lure smartphones them from their owners or forcefully get them physical to gain access to crypto investments handled on victims’ phones.
The criminals then transfer cryptocurrencies out of the victim’s account. After that, however, the phones are handed back to the victims.
In a different but connected event, Robert Barr, an alleged crypto hacker accused of stealing over $8.6 million in cryptocurrency may be extradited from the UK to the US.
The young Scot reportedly stole from crypto dealer Reggie Middleton located in Boston and, then, transferred the assets to another account.
Barr reportedly had two accomplices in the SIM swapping scheme, and is facing up to 20 years in jail.
The US Federal Trade Commission had issued a warning on a new crypto payment scam scheme in April.
Scammers call people pretending to be someone from the government, law enforcement, or a local utility company.
The criminals then end up asking people for money and then direct them to withdraw money.