Beluga Protocol, the protocol behind Beluga decentralized exchange, has been exploited on Arbitrum for approximately 59 ETH ($91,037 at current rates), blockchain security firm PeckShield reports.
The exploiter initially funded 0.1 ETH from the OKX cryptocurrency exchange.
According to PeckShield, the exploit is still ongoing, recording a total loss of 108.9 ETH (approximately $168,000) as of press time.
Beluga Protocol is a multichain stableswap facilitating cross-chain swaps with a Layer-3 (L3) infrastructure. It aggregates liquidity from across all chains.
Among its products, include, unilateral liquidity, permissionless pools, boosted farming, and L3 solutions.
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