Should I erase my stolen iPhone?

On Friday at school someone stole my phone, it has a pass code on it but they've used 1MB of data and called a cab twice. Did they find out my pass code or something? Can they see all of my ***? The find my iPhone app says its been offline since Friday but they used it last night. Also I still have hope that I'll get it back. Should I erase it?

Added (1). Also, as of this morning the wireless service on it has been suspended

Erase it, at least then, they can't try to make some money off it, selling it as 'working' to some unsuspecting purchaser.

Have you reported it to the police as stolen?

If they know your pass-code, they may know you or at least be near enough to see you type it in.

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