Hackers Exploit Market Crash to Buy Discounted Ethereum (ETH)

Hackers are busy exploiting the crypto market downturn to buy discounted Ethereum (ETH) with stolen funds. Meanwhile, the Australian Federal Police (AFP) is investigating a surge in crypto phishing scams, while WazirX is facing backlash over its proposed solution after a $230 million hack. Additionally, Australian prosecutors are seeking jail time for a Crypto.com user who mistakenly received close to $7 million and spent it before the error was discovered.

Crypto hackers have seized the ongoing market crash as an opportunity to buy discounted Ethereum (ETH) by using stolen funds from previous heists. On Aug. 5, 16,892 ETH was bought using stolen cryptocurrency linked to the Nomad bridge hack from August of 2022. This happened as ETH's value plummeted by more than 21% over the past 24 hours of trading.