Steve Wozniak allegedly gave up seven bitcoins to fraudsters using a stolen credit card, reported the India Economic Times Monday, February 26th.

The veteran of technology was speaking at the 2018 Global Business Summit in New Delhi when the India Economic Times said that he had admitted to the audience that he had lost funds – seven bitcoins to be precise – worth about $ 75,000

" I stole seven bitcoins by fraud. Someone I bought it online via a credit card and they canceled the credit card payment.It was so easy ! ", says the publication, saying:

"And it's from a stolen credit card number that you'll never be able to recover it.

Despite several publications relating to history, Wozniak has not yet confirmed the information on the flight, and the unusual circumstances surrounding the loss.

The Trade seems to be over with Wozniak sending bitcoins before … receiving funds fiat – something p2p cryptocurrency trading platforms such as Localbitcoins warn users firmly against doing.

There remains whether Localbitcoins or other major platform was used for trading, and whether an escrow function – which would have prevented the possibility of credit card fraud – was available

Nevertheless, the weakest link to successful fraud seems to reside either in the sensitivity of credit card data to fraud or human error by sending bitcoins without confirmation of receipt of funds.

Consumer complaints about cryptocurrency "scams" have increased markedly over the past year, implying even co-founder Ethereum Vitalik Buterin, Cointelegraph reported this month, but a lack of diligence the consumer part remains palpable.