November’s Crypto Carnage: $127M Vaporized in Security Breaches and Fraud

Crypto's November wasn't about Thanksgiving turkeys—it was about getting plucked. The sector took a brutal hit, with a staggering nine-figure sum disappearing into the digital ether.

The Bleeding Doesn't Stop

Forget dips—this was a hemorrhage. The $127 million figure isn't just a stat; it's a flashing red siren for an industry that's supposed to be its own bank. Smart contracts got outsmarted, private keys went missing, and old-fashioned Ponzi schemes dressed up in DeFi clothing found fresh victims. It's the same story with a bigger price tag.

Building Fort Knox in a Digital Wild West

Innovation is racing ahead, but security is too often an afterthought—a luxury add-on for projects sprinting to market. The protocols promise decentralization and 'code is law,' but the law seems to have a lot of loopholes when $127 million can vanish in 30 days. It's the ultimate irony: a system designed for trustlessness requires an almost blind trust from its users.

The Cost of 'Progress'

Every hack is a referendum on credibility. That massive loss isn't just money gone; it's confidence eroded, regulatory ammunition stockpiled, and mainstream adoption delayed. The traditional finance crowd gets to lean back, adjust their cufflinks, and mutter about 'unsecured digital bearer assets'—and for once, it's hard to argue.

The sector bounces back, it always does. But resilience isn't the same as solving the problem. Until security becomes the core feature and not a PR bullet point, get used to these monthly loss reports. They're just the cost of doing business in the casino—sorry, the revolutionary new financial paradigm.

In brief

• November saw the crypto industry lose around $127 million after accounting for frozen and recovered funds.
• DeFi platforms faced the heaviest impact, with Balancer suffering the largest single loss, exceeding $113 million.
• Code-related vulnerabilities drove the largest share of damage at $130.2 million, while wallet theft and phishing contributed $38.8 million.

Major Incidents Drive Heavy Monthly Losses

Fresh data from CertiK shows that November was heavily shaped by several large-scale intrusions. The firm’s monthly threat update, shared on X, notes that exploit-related damage initially crossed $172 million. That total later dropped after roughly $45 million was frozen or retrieved.

A few major events accounted for most of the damage in the crypto sector, with Balancer suffering the month’s heaviest blow. A major system breach left the platform exposed to losses exceeding $113 million. This single event shaped the entire monthly picture and made November one of the most difficult periods of the year for DeFi security.

Upbit followed as the next biggest loss. The South Korean exchange experienced a breach in one of its solana network wallets near the end of the month. The attack resulted in a loss of 44.5 billion won, which equals about $30.5 million. Security teams noted that the characteristics of the breach aligned with patterns associated with Lazarus Group, the hacking organization linked to North Korea.

Other platforms were not spared, with Bex losing 12.4 million dollars, Beets 3.8 million, and Gana Payment adding 3.1 million to the month’s tally. Several smaller incidents also took place throughout November, and while they were not as large as the major attacks, they still added to what became a very costly month.

Breakdown of Crypto Losses by Vulnerability Type

CertiK also provided a breakdown of losses by type across the crypto industry, showing which vulnerabilities remained most active:

• Code-related vulnerabilities caused the largest damage, totaling $130.2 million.
• Funds taken from wallets and phishing attacks together reached $38.8 million, with wallet theft at $33 million and phishing scams at $5.8 million.
• Price manipulation caused $2.1 million in damage, while front-end weaknesses added $700,000, showing attackers used both technical flaws and social engineering.

So far in 2025, phishing activity has swung sharply, with earlier months showing much larger peaks. November’s figure was moderate compared with those spikes, but it still added noticeably to the growing annual total. It reinforced the ongoing reality that even when advanced exploits dominate headlines, user-directed schemes remain active and effective.

Impact Across Crypto Platforms

Losses varied across the crypto ecosystem, with DeFi platforms bearing the brunt at $134 million, driven largely by the Balancer breach. Exchanges followed with $29.8 million in losses, while bridges contributed $5.3 million. Migrations and AI-related incidents added $318,384 and $38,977, respectively.

Across the year so far, exploit-related losses in the crypto ecosystem have risen and fallen sharply, with November standing out as one of the most notable spikes. Blockchain security firm PeckShieldAlert offered a broader assessment of the month, stating that November recorded around 15 major exploits. According to the firm’s data, total losses reached approximately $194.27 million. This was more than 10 times October’s total of $18.18 million, marking a dramatic 969% month-over-month rise.

The results from November heightened challenges for major crypto platforms and oversight bodies. CertiK reported that about $45 million of the stolen funds were successfully frozen or recovered, but most actions still took place after the attacks had already occurred. The success of any recovery largely depends on how quickly platforms detect unusual fund movements, how efficiently they coordinate with law enforcement, and whether attackers leave traces on the blockchain that can be traced.

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