Steve Wozniak Opens Up About Losing Bitcoin to a Cryptocurrency Fraudster

Apple co-founder and tech visionary Steve Wozniak recently shared a personal experience of falling victim to a cryptocurrency scam involving bitcoin. Speaking at the Economic Times' Global Business Summit in India, Wozniak detailed how a fraudster exploited a credit card scam to steal his bitcoins.

"I lost seven bitcoins due to a fraudulent transaction," Wozniak explained. "Someone purchased them from me online using a credit card, then reversed the payment. The transaction was made with a stolen credit card number, making recovery impossible."

At the time of the theft, bitcoin was valued at approximately $700 per coin, meaning Wozniak’s loss was about $4,900. Considering bitcoin's current market price near $10,700, this theft equates to nearly $75,000 in losses today.

Wozniak's Journey with Bitcoin

Once an enthusiastic supporter of bitcoin, Wozniak viewed it as a revolutionary currency free from government manipulation. "Bitcoin is mathematical and pure—it cannot be altered," he remarked.

He initially bought bitcoins as an experiment when prices were around $700 each, hoping to someday travel without relying on traditional payment methods like credit cards or cash. "I researched hotels and services that accepted bitcoin, though it remains challenging to use widely. I also experimented with online purchases and bitcoin trading," he added.

Eventually, Wozniak decided to sell his bitcoin holdings, citing frustration with the cryptocurrency’s volatile daily price swings and the surrounding hype.

Note: Investing in cryptocurrencies and Initial Coin Offerings (ICOs) carries significant risk and speculation. This article is not financial advice. Always consult a qualified professional before making investment decisions. Investopedia does not guarantee the accuracy or timeliness of this information.

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