iPhone Stolen, erased but still showing location.

Hello losdelrock,

For this situation with your iPhone you'll want to take the steps below, which includes removing your iPhone from your trusted devices list if you don't have AppleCare+ with Theft or Loss or have already completed the claims process:

1. Look for your device on a map

To find your device, sign in to iCloud.com/find. Or use the Find My app on another Apple device that you own.

If your iPhone, iPad, or iPod touch doesn’t appear in the list of devices, Find My was not turned on. But you can still protect your account if Find My was not turned on.

2. Mark as Lost

When you mark your device as lost, you remotely lock it with a passcode, keeping your information secure. This also disables Apple Pay on the missing device. And you can display a custom message with your contact information on the missing device. 

Mark your device as lost.

3. Report your missing device to local law enforcement

Law enforcement might request the serial number of your device. 

Find the serial number.

4. File a Theft and Loss claim

If your missing iPhone is covered by AppleCare+ with Theft and Loss, file a claim for an iPhone replacement.

File a claim.

5. Remotely erase your device

If you erase a device that had iOS 15, iPadOS 15, or later installed, you can still use Find My to locate the device or play a sound on it. Otherwise, you won't be able to locate the device or play a sound after you erase it.

If you have AppleCare+ with Theft and Loss, do not erase your iPhone until your claim has been approved.

Erase your device.

6. Contact your wireless carrier

If the missing device is an iPhone or an iPad with cellular, report your missing device to your wireless carrier. Ask the carrier to disable your account to prevent calls, texts, and data use. And if your device is covered under your wireless carrier plan, file a claim.

7. Remove your missing device from your account

If you have AppleCare+ with Theft and Loss, do not remove your lost iPhone from your account until your claim has been approved.

Go to appleid.apple.com to remove the missing device from your list of trusted devices.

You can also find those steps in this resource: If your iPhone, iPad, or iPod touch is lost or stolen - Apple Support

Additionally, while your iPhone can be restored to factory settings it can not be set up, activated or used without first signing into your Apple ID per the Activation Lock feature: Activation Lock for iPhone, iPad, and iPod touch - Apple Support

Hopefully those details and resources help alleviate your concerns.

Take care.