Beluga Protocol Attacked: Multichain AMM Loses $175K in Recent Hacking Incident

Beluga Protocol Attacked: $175K in Crypto Stolen

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In a recent hacking attack, the Multichain AMM protocol called Beluga fell victim, resulting in the theft of approximately $175K in cryptocurrency.

This incident is the latest in a series of hacks and cyber attacks that have plagued the crypto space in 2023, resulting in the theft of over a billion dollars.

Details of the Attack

The attack specifically targeted the Beluga protocol deployed on the Arbitrum network. Security firm PeckShield reported the incident, revealing that the attackers exploited several vulnerabilities to steal the tokens.

Initially, PeckShield’s reports indicated that approximately 59 ETH had been stolen from the Beluga protocol.

Escalation of the Attack

Following the initial attack, the perpetrator deposited 0.1 ETH into their wallet from the cryptocurrency exchange OKX. There is uncertainty regarding whether the hacker used fraudulent identification to bypass the exchange’s verification process.

PeckShield later reported additional losses, with the attacker stealing more funds, ultimately accumulating 108.9 ETH worth around $168K.

However, the ongoing exploit continued, resulting in the attacker accumulating a total loot of about 113.3 ETH or approximately $175K.

The attackers’ wallet address 0x4843e was observed transferring the stolen funds to the MEXC crypto exchange network based on blockchain data scans. The Beluga team has not yet commented on the incident.

The news of this attack caused a slight but noticeable decline in the token’s price earlier today. The token dropped from $0.002797 to $0.002776, representing a 0.75% decline in just a few minutes.

Increasing Attacks in the Crypto and DeFi Space

This recent attack on Beluga is not the first time the team has faced exploits. The team encountered multiple sources of attacks this year, including a previous Over The Counter (OTC) scam incident.

Claims of liquidity manipulation were made by certain members of the community, which the team vehemently denied. They clarified that token dumping was done to minimize the harm caused by the scammers.

Hack attacks have been on the rise in the crypto world this year. Between July and September, crypto projects lost $890 million due to scams, cyber attacks, and rug pulls.

During the second quarter of the year, Certik’s data revealed a theft of about $313 million, a slight decrease from the first quarter’s total of $320 million. This indicates a surge of over 100% in hack attacks during Q3.

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