Can somebody block an iphone after selling it?

I recently bought an verizon iphone with a clean title off of craigslist for dirt cheap, since the guy needed money as soon as possible. Now he's asking to buy the phone back and if I don't sell it back to him he's going to imei block the phone so it won't be able to connect to verizon anymore. Can he do this even though the phone is in my possession now? Is there a way he can track down his phone since I'm using it? What if he has the serial #, and reports it stolen?

Added (1). What if he were to lie or come up with some excuse for verizon to block the phone? Can he still do that even though it's under my name?

Added (2). Sorry if these questions aren't too bright, lol I'm not really tech-savvy

He can't, since everything is under your name he can't technically go through to your account and report it stolen because in order for you to activate that phone it needed to be out of service and a clean title. So since its yours then he can't do anything about it

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