Will my iphone be blacklisted?

I just found a Iphone 4s on the ground with the password. I want to reset it to factory settings but I'm worried that the phone will be blacklisted. Will the Iphone be blacklisted if I reset it to factory settings?

Added (1). @Bane, are you trying to say that I stole it? You, you filthy cotton-headed ninnymuggins.

Added (2). So @AVDADDY I can use the phone if I reset it to factory settings or not?

Added (3). @Bane YOLO

Added (4). But @Jon Yoda Can I use the phone if I reset it to factory settings?

I don't know why a phone would be blacklisted, if you mean like how a country blacklists criminals?
Anyway, it is probably illegal to steal something like that, I would report it or try find the owner.
EDIT
Then why would you want to restore it to factory settings and ruin their personal files and info?

NO, Blacklisting happens when the "real" owner reports the phone as lost or stolon no because you do a "reset". If you make zero effort in returning the iPhone, then yes you are "stealing", just be honest about your dishonesty. Cheers.

It was "blacklisted" as soon as the rightful owner realized that it was missing.

No, you can't continue to steal service

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