Crypto Sector Loses $127M in November Amid Security Breaches and Fraud
November proved punishing for the crypto industry as exploits and fraud drained $127 million after accounting for recovered funds. The damage eclipsed broader market declines, with decentralized finance platforms absorbing the heaviest blows.
Balancer suffered the month's largest single breach—a $113 million exploit that exposed systemic vulnerabilities. Code flaws accounted for $130.2 million in losses, while wallet theft and phishing schemes contributed $38.8 million. CertiK's threat report initially tallied $172 million in damages before recoveries pared the figure.
The incidents underscore persistent security gaps as attackers increasingly target DeFi protocols. While frozen funds mitigated some losses, the scale of November's breaches highlights the sector's ongoing battle against sophisticated threats.
