wiping lost iphone before purchasing new phone
do I have to wait until restoring new phone from the cloud before I can wipe the old stolen phone?
iPhone 11, iOS 14
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No, sending an erase request via Find My will not have any effect on your backups
If your iPhone, iPad, or iPod touch is lost or stolen - Apple Support
You will need to have a backup to restore from
Restore your iPhone, iPad or iPod touch from a backup – Apple Support (UK)
Good luck!