A hint to the fact that this is an extortion scam based on leverage the criminals do not have lies in how the criminals sending the message pretend to be wanting to help you safeguard information from a phone that has supposedly been hacked - while they simultaneously threaten to sell all your information to the black market if you fail to meet their demands.
Someone who would do the latter is NOT to be trusted when they say they they are contacting you to protect you. If they actually wanted to protect you, they could refrain from selling your information (which they don’t actually have!) to the black market without a quid pro quo - and they could hand over your phone to police. Why didn’t they? If they had actually hacked the phone, and had the ability to erase it, they would have done so themselves without taking the risk of contacting you for “approval” of the theft. Again, why didn’t they?
They didn’t because they are not your friends, and because they can’t get into the phone without tricking you into helping them.
Not that you could trust them to protect your information if they did have it and if you did comply. An extortionist might blackmail you again, and again, and again; each time reneging on the promise to protect/erase your data.