Faizel Patel, Radio Islam News – 02-03-2018

Apple co-founder Steve Wozniak has lost almost $71,400 ( R 847,000) after someone bought seven bitcoins from him using a credit card, but cancelled the card after the bitcoin was transferred.

Engadget reports Wozniak bought the cryptocurrency when it was priced at $700 (R 8,300).

Speaking at The Economic Times of India’s global business summit this week Wozniak says the card was stolen, so there was no way to retrieve his lost assets.

“The blockchain identifies who has bitcoins … that doesn’t mean there can’t be fraud, though.”

Earlier this month Lloyds Banking Group, like several others, banned its customers from buying bitcoin with credit cards, in a bid to offer some protection in a landscape that remains largely ungoverned.

Many argue that if meaningful action is not being taken quickly enough and if tech legend Steve Wozniak can fall prey to this kind of fraud, anyone can.

Twitter: @FaizelPatel143