Etymology
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underbelly (n.)

c. 1600, from under + belly (n.). In figurative sense of "most vulnerable part" it is recorded from Churchill's 1942 speech. Sometimes used erroneously or euphemistically in sense of "seamy or sordid part" of anything.

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Definitions of underbelly

underbelly (n.)
lower side;
underbelly (n.)
the soft belly or underside of an animal's body;
Synonyms: underbody
underbelly (n.)
the quality of being weak or unprotected; "the soft underbelly of the Axis"- Winston Churchill;
From wordnet.princeton.edu