If you have ever checked the news on cryptocurrency related scams you would know how easy it can be to fall victim to some of the more well crafted and thought out ones.
Well, that statement rings true for even the most tech-savvy of us, as the Co-Founder of Apple, Steve Wozniak, found himself a few bitcoin lighter after an incident
with an experienced scam artist.
Wozniak revealed an embarrassing incident at the Economic Times Global Business Summit, where he detailed a story of how he sold approximately 7 BTC to a buyer,
who happened to be using a stolen credit card number. The payment was ultimately canceled, presumably by the cards rightful owner, when he cought wind of what has
transpired, leaving Wozniak with nothing but an empty Bitcoin wallet.
He states that:“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.
Somebody bought them from me online through a credit card and they canceled the credit card payment. It was that easy! And it was from a stolen
credit card number so you can never get it back.“
He uncovered that in January he had liquidated the majority of his Bitcoin holdings, when the flagship cryptocurrency was at an all-time high. He explained that
he was interested in Bitcoin because of its incredible utility, but also that he had lately found himself caught up in the price fluctuations.
The incident however remains curious, since common sense would dictate that a transaction between a credit card payment, which can be easily canceled at any point,
and payment in Bitcoin, which cannot be reversed is highly risky, especially considering it was to an unknown buyer. There also exist a wide variety of trading
platforms which eliminate and protect against this risk, for a small fee.
Wozniak said that he purchased Bitcoin when the asset was valued at approximately $700, yet he did not reveal how many of the coin he owned. Wozniak always claimed
his interest in Bitcoin was, first and foremost, an experiment and not a serious investment. However, it seems as though this visionary investor and businessman
has learned a very expensive lesson from this incident.