After a iPhone theft in Europe earlier this year, I don't quite trust Apple's assurances with regard to stolen iPhones.
My phone was snatched from my hands in the street. I was able to wipe it via 'Find Devices' within a few minutes; I was able to track its location for the rest of the day, until I requested that my carrier irrevocably disable its network service. There was no evidence of any accesses of my information or accounts linked on the phone, then or since.
In the following days, it was still visible in my Apple device lists as mine, with reference information like its model and serial number – as it should have remained, indefinitely, to prevent anyone else from associating it with their accounts. (Until recently, I still had an iPhone 4 listed there that hasn't been turned on for many years.)
But sometime since then, it was removed from my Apple account – without my permission, and with no notification to me. This step would also apparently allow someone else to use the device with Apple services.
Apple Support insists only a person who authenticated to them as me could have done that, and that they have no records of when/how that happened – a policy that seems designed to help criminals cover their tracks, with no help to customers other than: "you should change your password".
Further, even if I provide the serial-number/IMEI with a police report, Apple says they can't determine if they've activated Apple services to that stolen property for someone else or provide me with any further help.
I thus suspect theft networks have figured a way around Apple's breezy assurances about locking-out stolen devices, perhaps similar to how they've often deeply pierced major telecom providers in order to carry out SIM-swap attacks.
But: if anyone on HN knows more about how the smartphone theft/fencing (chop shop?) operations typically work, or how Apple's systems do or don't protect against post-theft hijacking of registered Apple devices, I'd love to hear perspectives that either flesh-out, or refute, my impressions that Apple's related systems involve some false bluster & "security theater".