The month of November delivered yet another blow to the crypto sector. Beyond the broad market slump, the industry was hit hard by a wave of intrusions, contract breakdowns, and fraudulent activity. These incidents affected both users and companies, resulting in total losses of about $127 million after frozen and recovered funds were taken into account.
Key Takeaways from November's Crypto Losses
- •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.
November Crypto Hack Losses: Approximately $127M lost after accounting for frozen/recovered funds. DeFi protocols bore the brunt, with Balancer reporting a significant $113M exploit. Code vulnerabilities were the primary attack vector. #CryptoSecurity#Blockchain#DeFi#Hacks#CertiKNovember 29, 2025
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.