14:03 GMT +320 July 2018
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    Steve Wozniak, US computer designer and businessman, co-founder of the Apple company (File)

    Apple Co-Founder Wozniak Reveals How He Was Scammed Out of $70K in Bitcoin Fraud

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    Dealing in bitcoin could be a risky business and some people have learned this the hard way.

    Like a growing number of people, Steve Wozniak has been stung by a cryptocurrency fraud with the scammers using a stolen credit card to swindle the tech legend out tens of thousands of dollars.

    "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," Wozniak was reported to have told participants of a global business summit organized by the Economic Times of India daily earlier this week.

    He said that someone had bought the bitcoins from him online through a credit card and then 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 noted.

    He added that he had initially bought the seven bitcoins at $700 each as an experiment, but at today's price of around $10,200 a bitcoin his financial loss is now calculated to be in the ballpark of $71,400.

    With an estimated net worth of $100 million, Steve Wozniak doesn't really need to worry much about the lost money though.

    READ MORE: Bitcoin Bandit: Chicago Trader on Trial For Stealing $2 Mln in Cryptocurrency

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    Bitcoin Bandit: Chicago Trader on Trial For Stealing $2 Mln in Cryptocurrency
    Tags:
    stolen credit card, scam, theft, bitcoin, Apple, Steve Wozniak, United States
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