Tag Archives: credit card

Steve Wozniak ‘Loses 7 BTC’ In Unlikely Credit Card Fraud

The tech veteran was speaking at the Global Business Summit 2018 in New Delhi when India Economic Times reported him admitting to the audience he had lost the funds – seven bitcoins to be exact – now worth about $75,000. “I had seven bitcoins stolen from me through fraud. Somebody bought them from me online through a credit card and they cancelled the credit card payment. It was that easy!” the publication quotes him as saying. Despite multiple publications subsequently picking up on the story, Wozniak has yet to confirm more information about the theft, and the unusual circumstances surrounding the loss. The trade appeared to have closed with Wozniak sending the bitcoins before receiving the fiat funds – something p2p cryptocurrency trading platforms such as Localbitcoins firmly warn users against doing. It remains unclear whether Localbitcoins or other major platform was used for the trade, and whether an escrow feature – that would have prevented the possibility of credit card fraud – was available. Nonetheless, the weak link allowing the fraud to be successful appears to lie either in the susceptibility of credit card data to fraud or human error in sending bitcoins without confirmation of funds receipt.

Reference: https://cointelegraph.com/news/steve-wozniak-loses-7-btc-in-unlikely-credit-card-fraud

Bread Wallet Enables International Bitcoin Purchases with Credit Cards

The timing of the rollout couldn’t be better. Zug, Switzerland-based bitcoin wallet startup Bread unveiled plans to accept international bitcoin purchases via credit card. Bread is boasting features such as “high limits” and same-day delivery for bitcoin purchases, both of which are often missing from cryptocurrency exchanges. By allowing this service, which is a product of a relationship with Simplex, investors can bypass cryptocurrency exchanges, which incidentally top US banks have taken aim at of late. Bread tweeted – While Bread is making it easier for investors to get their hand on bitcoin, banks are making it more difficult. JPMorgan Chase, Bank of America, Citigroup and Lloyd’s in recent days placed a ban on bitcoin purchases via credit card. Cryptocurrency exchanges appear to be tops on banks’ radar for credit card bitcoin purchases.

Reference: https://www.ccn.com/bread-app-to-get-a-slice-of-the-bitcoin-credit-card-pie/