My iPhone was stolen, what will happen?

At my wrestling practice 2 days ago one of the kids from another team stole my iPhone out of my bag. I told my coach and he made an announcement to all of the 3 teams that were there. By the end of my practice, nobody gave it back. I'm pretty sure it was this one kid that was avoiding me and I saw him by my bag before and after it was stolen. The problem is, he lives in the city in a pretty rough community about 30 minutes away. I know I won't get it back, but will anything else happen. My iTunes, Instagram, Kik messaging, and all my contacts from my phone were logged in. My iPhone has a passcode so they probably won't be able to get in, and I deactivated it yesterday (deactivating means you can't make calls or texts).

What I want to know is what will they do with the phone? Do you think they can hack in? If not what will they do? I had it for a month and it was in good condition when it was stolen. If by some slim chance they hack in can they waste all the money on my iTunes or terrorize people on my instagram account?

I suggest you use someone elses iPhone, iPod, or iPad to use the Find My iPhone app, if you haven't already wipe out the iPhone so that everything on it is erased. After that, there's nothing for them to see. They may have your phone but at least they won't be able to see your personal stuff, or do anything else. Sorry about your phone though.

Go to the cops with the serial number.sometimes they can get a warrant to use the location services and find it for you.