TL;DR
- November closed with $127M in confirmed DeFi losses, reflecting a month of intense security pressure across major protocols.
- The largest breach came from Balancer, where attackers drained $113M through targeted exploitation of liquidity pool mechanics.
- Even with these incidents, analysts emphasize that open finance continues advancing, supported by stronger audits, rapid fund freezes, and more coordinated on-chain security frameworks.
DeFi hacks in November marked a sharp rise in losses after attackers drained $127M across decentralized platforms and exchanges. Security teams recovered part of the funds, and several protocols intensified automated monitoring, framing the month as a reminder of persistent vulnerabilities rather than a halt in ecosystem progress.
Defi Hacks Surge With Balancer At The Center
The largest incident of the month involved Balancer, where attackers exploited pool vulnerabilities and extracted $113M across Ethereum and several Layer 2 networks. Independent researchers confirmed that the weakness spread through interconnected pools, which amplified the overall impact.
Berachainās BEX was indirectly affected, facing losses above $12M before recovering the entire amount. Upbit, a major South Korean exchange, reported a $37M loss attributed by analysts to the Lazarus Group, known for previous large-scale exploits. Blockchain forensics displayed movement patterns matching earlier operations linked to that group.
Other incidents included Beets losing more than $3.8M and Gana Payment above $3.1M. In total, fifty-three recorded events shaped Novemberās security landscape, with most attacks focused on smart contract layers instead of custodial services.
Code Flaws And Failed Integrations Drive Major Losses
Analytics firms reported that code flaws generated over $130M in exposure, making them the primary source of Novemberās damage. These issues involved logic errors, unprotected functions, faulty integrations, and legacy contracts still active without updated safeguards.
Wallet breaches followed with about $33M tied to credential theft and malware. Phishing fell to $5.8M, a clear drop from Octoberās $28M, supported by improved user protections and cleaner default wallet security.
Another major event involved Yearn Finance, where attackers drained the yETH pool using an exploit that allowed unlimited token minting. Roughly 1,000 ETH, worth about $3M, moved rapidly through mixing services. The yETH pool held nearly $11M before the breach, and Yearn confirmed its V2 and V3 vaults remained safe.
Novemberās spike in DeFi hacks highlighted structural challenges but also showed how quickly the ecosystem improves its defenses. Despite increasingly sophisticated attackers, protocols strengthened audits, broadened monitoring tools, and delivered faster coordinated responses. The month underscored that decentralized finance continues to evolve with more resilient infrastructure, maintaining long-term momentum even during periods marked by elevated exploit activity.
