I just did the following experiment with a V2:
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Logged app into Account#1 and verified that the V2 connects and that there are event clips for it in the Event list.
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Logged the app out of Account#1 and into Account#2.
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Pressed the + button on the home page to add a new camera.
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Pressed the setup button on the V2 (simulated stolen camera)
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Proceeded to setup this camera to Account#2 just as if it were new.
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Verified V2 connects for live stream under Acct#2.
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Checked Event page for clips for this camera in Acct#2 — no clips exist after refresh and several minute wait.
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Switched app back to Acct#1.
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Verified that the camera is no longer in the devices list and there are no longer any event videos for it available.
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Re-setup the camera back to Acct#1 : the pre-existing event clips are still no longer available.
Conclusions:
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A stolen camera can easily be activated to a new account, and if so…
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The thief will not gain access to previously recorded event clips, but…
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You will no longer be able to view the previously recorded event clips, even if the camera is retrieved.
As I mentioned earlier, Wyze has stated that they hope to modify the system so that the older cloud clips remain available to the original account. I have not heard when this modification may be completed.