Uhm, how is "everyone is looking for a child whole night" not problem? You have inconvenienced multiple people a lot. Not just the kid. This happen twice and the kid is not going out alone next year.
Similar with bullying and worry about potential bad influence group.
Those consequences may mean that everyone is looking for them whole night. Or severe injury. Or you having to deal with cops due to trespassing.
Or that they will bully other kids and you won't be there to learn it happened and deal with it.
There are consequences as in "teacher is angry for 5 minutes" and then there are consequences.
Also, if my kid would intentionally loose devices like that, that kid would have less freedom and later then the kid I could trust.