Steve Wozniak Scammed Out Of $70k In Bitcoin
“The blockchain identifies who has bitcoins … that doesn’t mean there can’t be fraud, though. I had seven bitcoins stolen from me through fraud,” said Wozniak.
The legendary computing expert was speaking at the Global Business Summit 2018 in New Delhi when he disclosed to the audience that he had lost bitcoins worth of $75,000 to scammers that used a stolen credit card.
“I had seven bitcoins stolen from me through fraud. Somebody bought them from me online through a credit card and they cancelled the credit card payment. It was that easy!” -reported the Indian publication.
“And it was from a stolen credit card number so you can never get it back.”
Wozniak said he purchased the bitcoin when its value was situated at $700 USD.
Wozniak has not given any additional information concerning the theft, and the circumstances that led to his loss.
The trade was apparently closed when Wozniak sent his bitcoins before having the fiat funds transferred to him– something cryptocurrency trading platforms advise against.
In spite of this unfortunate event, Wozniak is still a cryptocurrency supporter, having kept his bitcoin holdings up until the last months of 2017.
“Bitcoins to me was a currency that was not manipulated by the governments. It is mathematical, it is pure, it can’t be altered,” he said.
He disclosed that in January he decided to sell his bitcoins because his interest in the digital currency was only for experimenting.
“I said, ‘I don’t want to become one of those people that watches it, watches it and cares about the number.’ I don’t want that kind of care in my life,” explained Wozniak.
However, the glitch in the system that allowed the scammers to be successful appears to lie either in the security issues of credit card data in fraud cases or human error in closing a bitcoin transaction without waiting for confirmation of funds receipt.
Complaints regarding cryptocurrency “scams” have increased in number over the past year, some even using the image of Ethereum co-founder Vitalik Buterin, yet a lack of cautiousness on the consumers’ part continues to be considerable.
The fact that even such a prominent and experienced figure in the technology industry as Steve Wozniak can be swindled out of his bitcoins in a scam proves just how difficult it can be it can be to make secure and safe transactions with your cryptocurrency holdings.