Apple Co-Founder Steve Wozniak Reveals Scammer Stole 7 Bitcoins

2018/03/01/3/steve-wozniak-760x400.jpg

If you've fallen prey to a cryptocurrency-related scam, then you are probably too mortified to admit it publicly. You should take heart because even Apple co-founder Steve Wozniak has found himself a few short at an experienced scam artist's hand.

Wozniak related this embarrassing incident at the Economic Times Global Business Summit, explaining that he had sold approximately 7 BTC to a buyer using a stolen credit card number. The payment was ultimately canceled, presumably from the card's rightful owner, leaving the mogul with only a vacant Bitcoin wallet.

«The blockchain identifies who has bitcoins… that does not mean there can't be fraud though. I had seven bitcoins stolen from me. Somebody bought them through a credit card online from me and the credit card payment was canceled by them. It was simple! And it was from a stolen credit card number so you can't ever get it back,» he said.

Wozniak disclosed in January that he had liquidated most of his Bitcoin holdings when the flagship cryptocurrency was trading near its all-time large, explaining that he had been most interested in Bitcoin for its utility but had lately found himself too caught up in its price moves.

Nevertheless, the incident is curious, given that common sense would seem to dictate that one should not sell Bitcoin — whose transactions cannot be reversed — to an unknown buyer in exchange for a credit card payment, which is cancelled after the point of sale.

Really, US residents have access to a variety of trading and brokerage platforms that charge fees that are small and protect sellers.

Wozniak has never revealed how many he possessed, although he did say the advantage was purchased by him when it was trading at roughly $700. Based on how large his total balance was, Wozniak could potentially have completed the transaction through a few of the many over-the-counter (OTC) trading desks which procedure cryptocurrency sales for institutional customers.

It seems, though, that he learned a costly lesson.