A recent report published by financial times has revealed a mushrooming of stolen iPhone business in China. The report revealed that a rather unassuming tower in the Shenzhen Huaqiangbei district, has become so popular for dealing in stolen iPhones that it has earned the moniker of being the Stolen iPhone Building. The building has as per the report become an integral part of global network trafficking of stolen iPhones.
Law Enforcement entities in London have estimated that the theft represents at least a 50 million Euro annual criminal industry, with similar counterparts being operational in Paris and New York.
Specialized Markets For Stolen iPhones?
The Stolen iPhone business has reached such an advanced stage that the Feiyang Building has a specialized floor for selling second hand iPhones. Many are legitimate trade-ins, but traders admit that even remotely locked in devices have their own market price.
Hong Kong has served as a critical part of the extensive stolen iPhone Supply Chain, the report further elucidated about an industrial building at 1 Hung to road in Kwun tong which houses hundreds of wholesalers openly advertising phones labeled as iCloud Locked.
The market also sells passcode-locked ones that were probably stolen or snatched in the US. These phones are mostly snatched in the US and then they are sold to Hong King and then to other countries including the middle east.
Parts sold Separately After Disassembly
Such markets aid other mushrooming industries which retail parts after disassembling iPhones. Due to the high demand of the device, every component of the iPhone has a significant demand in the after market. Such markets sell screens, circuit boards to chips. Hence even if the devices are locked the circuit boards, RAMS, and batteries are profitable when stripped from the phone chassis and sold singularly.
The Report further revealed that there have been instances of victims of stolen iPhones receiving phone calls from individuals in shenzhen, threatening them to remove their devices from find my iPhone , which would substantially increase the device’s resale value.
Hong Kong’s free trade port further aids such businesses as it operates without any import taxes allowing traders to easily move stolen iPhones into china. The report has further detailed that the Hong Kong Police would take appropriate actions when necessary and as per the actual circumstances in accordance with the law. As reported by Macrumours supported by Financial times inputs.
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