Tag Archives: Localbitcoins

P2P Bitcoin Trading Platform LocalBitcoins Leaves Iranian Crypto Traders Dry

LocalBitcoins.com, the world’s most-popular peer-to-peer bitcoin trading platform, has begun restricting its service for Iranian users this week. As of now, creating new ads for buying or selling or updating old ads are restricted to Iranian traders. In the near future, there might be a possibility of locking users’ accounts and their bitcoins on the platform’s wallet. Continue reading P2P Bitcoin Trading Platform LocalBitcoins Leaves Iranian Crypto Traders Dry

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