💥 Bot Spam Attack on The Polygon Network Earned $6,800 Per Day

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Bot Spam Attack on The Polygon Network Earned $6,800 Per Day

An arbitrage bot was able to turn 14 ETH to 218.5 ETH just by spamming the Polygon network for 3 months.

According to data from Flipside Crypto, the low-cost capabilities of the Polygon network suffered an attack after a smartly created arbitrage bot managed to convert 14 ETH into 218.5 ETH in less than four months.

The report from Flipside Crypto shows that the attack started in early May, and at one time in June, the bot was pushing transactions on the Polygon network up to 8 million a day.

During the same period, the maximum number of transactions on the Ethereum network reached 1.2 million.

Over a period of three months, the bot was able to increase the initial amount of 14 Ether to 218.5 Ether, now valued at $813,694.

This works out to an average daily profit of around $6,800 before the cost of spamming the network is included.

To fight the spammers, the Polygon team decided to increase the minimum cost of a transaction from 1 gwei to 30 gwei as a way to combat spam and improve network health.

AMC Expands Open Captions on Movies in U.S. Theaters

American movie theater chain, AMC, has decided to expand the open captioning of some movie screenings to 240 cinemas in the United States. This move includes some select showtimes for all new releases.

With this move, guests at participating AMC locations can easily find marked open caption showtimes on AMCTheaters.com as well as the AMC mobile app.

Currently, the showtimes are a mix of evenings and matinees, weekends and weekdays, and are expected to develop with movie-going demand and guest feedback.

Moreover, the open captions will also be available through AMC’s Private Theater Rentals program at participating locations.

Though AMC is thrilled to offer open captioning for its guests who desire this format, a vast majority of showtimes at AMC will still continue to be offered with closed captioning.

As such, the theater chain will keep on having assisted listening devices available at all of its locations across the country.

Indian Fintech Startup CRED Raises $251 Million

Indian-based credit card payments company, CRED, has raised $251 million in its Series E funding round, doubling its valuation to over $4 billion in barely six months amid an unprecedented startup funding boom.

The funding round was led by existing investors Tiger Global Management and Falcon Edge Capital.

The round also saw participation from new investors which included London-based Marshall Wace and Steadfast Venture Capital. Existing investors DST Global, Insight Partners, Coatue Management, Sofina, RTP, and Dragoneer also participated in the funding round.

Founded in 2018 by Kunal Shah, CRED helps users improve their credit score by encouraging them to pay their credit card bills easily on time and earn rewards.

Since then, the startup has expanded to lending through Cred ‘Cash’ and has enabled online commerce and brand discovery through its ‘Store’ and ‘Commerce’ platforms by amassing over 7.5 million users.

The startup plans to use the latest proceeding to grow its existing range of products and expand financial services offerings for its customers. In recent weeks, the company has held talks to invest in other fintech startups.

Toyota to Invest $3.4 Billion in US Battery Production

Toyota Motors has announced that it will invest about $3.4 billion in automotive battery development and production in the United States through 2030.

Specifically, the investment which comes through the Japanese manufacturer’s North American unit is for developing and localizing automotive battery production including, those for battery electric vehicles.

With an aim to drive battery production localization, the company announced that it will set up a new company and build an automotive battery plant together with Toyota Tsusho in the United States.

The project includes an investment of approximately $1.3 billion, which includes funds that will be used to develop land and build facilities.

This latest plan is part of Toyota’s larger goal to invest $13.5 billion worldwide to keep up with other automakers who have already promised to invest huge money to boost battery development and electrify their respective portfolios.

Overall, this move is expected to assist the goals of the company in creating a net positive impact on the planet and society and also support its efforts on carbon neutrality in a sustainable way.

Around The Web

🚧 Polkadot Unveils $770 Million Development Fund: Open-source, fully decentralized web platform Polkadot has revealed a $777-million development fund ahead of the network’s parachain lease auctions. The funds will be disbursed through community governance.

🇸🇻 El Salvador Takes Down BTC Price Feed From Chivo App: El Salvador government authority has decided to stop users of its Chivo digital wallet from gaming the app’s price freeze feature to garner risk-free profits through arbitrage. With this move, users of the wallet will not be able to see the reference price provided for trades executed using the price freeze feature.

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