My Apple watch was stolen, but i am getting location updates every so often, its in lost mode
My Apple watch was stolen, but i am getting location updates every so often, its in lost mode, what is causing it to ping?
Apple Watch
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It's still got some juice in it and is able to give that heartbeat. So apparently it is connected to some network as well.
If your Apple Watch is lost or stolen - Apple Support
It is possible that the person who found it is trying to make some use of it, too...that would explain why the battery is lasting longer.