removed lost iPhone with pending erase

I lost my iphone recently. I turned on erase and it was pending since it was offline. My new phone came in today, and I removed my old phone from find my iphone thinking it would still erase. Im concerned because someone tried to access my icloud in China. I have two factor authentication and changed my Apple ID password. How concerned should I be? Will someone be able to bypass my passcode and go into my phone?