A thief who steals your smartphone can try to crack it themselves, sell it locally, or use it to commit fraud. But your stolen phone could also travel as far away as China. A recent investigation by The Financial Times (paywall) found that a particular building in Shenzhen's Huaqiangbei district is home to a treasure trove of second-hand iPhones, including stolen devices.

Though several locations in and around the Huaqiangbei district are hot spots for trading used phones, FT's investigation focused mostly on the Feiyang Times building. Much of the buying and selling here is for phones that were legitimately traded in by their owners, according to the reporter who covered the action. But at least some of the activity involves stolen phones, leading the Feiyang Times to be known as China's "stolen iPhone building."

Also: 5 warning signs that your phone's been hacked - and how to fight back

The Times relates one unfortunate individual whose iPhone 15 Pro was stolen by thieves in London. Using tracking technology, the victim followed the phone to its final destination in the Huaqiangbei district. After sharing his experience on LinkedIn, he discovered that many other people had encountered similar situations.

A woman in North Carolina whose phone was stolen tracked it on its journey from Charlotte to Miami and then finally to Shenzhen, according to WRAL News. In this case, the thieves compounded the crime with a spin on the usual ransomware ploy. In texts sent to the woman, they told her that unless she deactivated the stolen phone, they would sell her private information on the black market, meaning the dark web.

Phone theft is on the rise, especially in major cities like London, Paris, and New York. In February, the UK's Metropolitan Police said that phone theft in London is a business that generates