Business 10 months ago

Jasmine Solana

Steve Wozniak loses $75K worth of BTC in Bitcoin scam

Bitcoin scam, it happens to the best of us—even legends like Steve Wozniak.

The American inventor and Apple co-founder recounted at the recently held Economic Times of India’s Global Business Summit how he had been defrauded out of a sizable amount of legacy Bitcoin (BTC). If you recall, Wozniak revealed last year that he bought BTC—most of which he liquidated several months later. And that’s when, apparently, the man had lost some of his coins.

“I had seven bitcoins stolen from me through fraud,” Wozniak said, according to the news outlet. “Somebody bought them from me online through a credit card and they cancelled the credit card payment. It was that easy. And it was from a stolen credit card number so you can never get it back.”

Wozniak said he bought the cryptocurrencies when they were still going for $700 each, which means that in today’s trading price of $10,777, the stolen digital coins were already worth roughly $75,441.

At the time, Wozniak bought the cryptocurrencies as part of an experiment to see if BTC could take the place of fiat currencies, but decided to sell them later on because he “didn’t want to watch the price everyday.”

“I had them so that I could someday travel and not use credit cards, wallets or cash. I could do it all on Bitcoin. I studied which hotels and facilities accepted Bitcoin… it’s still very difficult to do so. I also tried to buy things online and trade Bitcoin online,” he said.

Despite the incident, Wozniak remains to be a proponent of cryptocurrencies. Wozniak previously described cryptocurrencies as better than gold, and unlike the “kind of phony” U.S. dollar, “there is a certain finite amount of bitcoin that can ever exist.”

“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.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Satoshi Vision (BSV) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BSV is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.


Add a Comment

lastest news

UK crypto exchange CEX.IO makes KYC mandatory

Business 2 hours ago

UK crypto exchange CEX.IO makes KYC mandatory

UK-based cryptocurrency exchange CEX.IO is now requiring all new customers to undergo a mandatory verification process, as part of enhanced anti-money laundering processes. Announced via a press release published by the firm, the London-based exchange ...

Read More
Danish taxman targets 2,700 crypto traders over possible tax evasion

Business 3 hours ago

Danish taxman targets 2,700 crypto traders over possible tax evasion

The Danish tax authority Skattestyrelsen is pursuing as many as 2,700 Bitcoin Core (BTC) traders over taxes in connection with as much as $12.7 million of unreported transactions. In the latest crackdown from a tax ...

Read More
What’s in a name? Blockchain Terminal ICO fraudster allegedly has ‘two identities’

Business 5 hours ago

What’s in a name? Blockchain Terminal ICO fraudster allegedly has ‘two identities’

The promoter behind the Blockchain Terminal (BCT) initial coin offering (ICO) has been unveiled as a disgraced Canadian fraudster who had adopted a fake persona, in an elaborate scheme that fooled employees as well as ...

Read More