Udupi is famous for its Shri Krishna Temple and the place where the idol was found is now called Vadabhandeshwar, a corruption of Vadapandeshwar - Vada (broken) Pandi (boat) Ishwar (Lord).
According to folklore, there was a storm in the sea at Malpe. Shri Madhvacharya was on the shore at the time and saw a ship which was in trouble. He helped the ship reach the shore to safety. The sailors were very grateful to him and gave him deities of Lord Krishna and Lord Balarama. He did the pratishte (installation ceremony) of the deity of Lord Balarama near Malpe. This temple is known as Vadapandeshwara. He brought the deity of Lord Krishna and did the pratishte at Udupi. This temple is known as Krishna Mutt.