Beluga, a Multichain AMM protocol, recently fell victim to a malicious hacking attack that scooped about $175K in crypto a few hours ago.

This is just the latest hacks and cyber attacks that have been clouding the crypto space in 2023, stealing over a billion.

Beluga Protocol Attacked

As per the reports, this attack targeted the Beluga protocol deployed on the Arbitrum network. The news broke when security firm PeckShield reported the incident on X, mentioning that the attackers managed to steal the tokens in several exploits.

PeckShield’s first reports indicated that the attackers stole about 59 ETH from the Beluga protocol.

#PeckShieldAlert The @Belugadex exploiter has grabbed ~$175K worth of $ETH in total and transferred them (113 $ETH) into #MEXC pic.twitter.com/9PkNn4wmLM

— PeckShieldAlert (@PeckShieldAlert) October 13, 2023

Subsequently, the perpetrator deposited 0.1 ETH into their wallet from the well-known cryptocurrency exchange OKX. Uncertainty arises regarding the hacker’s utilization of fraudulent identification to circumvent OKX’s Know Your Customer (KYC) verification process.

After the first attack, PeckShield reported more losses, as the attacker stole more to take their initial stolen amount to 108.9 ETH, worth around $168K.

However, moments later, PeckerShield reported that the ongoing exploit managed to garner an additional amount, bringing the total loot to about 113.3 ETH or approxim