Woz was scammed out of over $70,000 worth of Bitcoins

Woz was scammed out of over $70,000 worth of Bitcoins

Apple co-founder Steve Wozniak had apparently fell victim to an old school internet scam and had his bitcoin taken from him. While speaking at The Economic Times of India’s global business summit this week, he said that someone bought seven bitcoins from him using a credit card, but then proceeded to canceling the card after the bitcoin were transferred, thus, the payment didn’t complete.

As you’d expect, the card was stolen, so there was no way for him to get his assets back. He had bought bitcoin back when it was priced at $700, but in today’s standings for bitcoin, his loss would be at $71,400.

“The blockchain identifies who has bitcoins … that doesn’t mean there can’t be fraud, though,” he said, stating that banks in both the US and UK have been focusing on it in recent times. Recently too, there have been several banks, such as Lloyd Banking Group, barred customers from purchasing bitcoin with credit cards, largely because they want to protect themselves and not fall to the mercy of customers’ ability to pay their credit card bills.

Hamza Khalid

Hamza Khalid is the Lead Editor at The Jolt Journal. You're more than welcome to follow him on Twitter and follow The Jolt Journal on Twitter and Facebook. If you have any questions, concerns, or need to report something in this article, please send our team an email at [email protected]. This story may be updated at any time if new information surfaces.

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