Cryptocurrency platforms and users lost approximately $127 million to security incidents in November, blockchain security firm CertiK reported. Total compromised funds exceeded $172 million before recovery efforts retrieved roughly $45 million in frozen or reclaimed assets. Code vulnerabilities drove most losses, contributing over $130 million to the monthly total.

The dYdX community has approved a Liquidation Rebates Pilot Program through governance voting, allocating up to $1 million to compensate traders affected by liquidation events. The one-month trial begins December 1, 2025, offering points and rebates to eligible participants. The initiative aims to enhance liquidity and risk management on the platform.

South Korean exchange Upbit will restore deposit and withdrawal services on December 1, 2025, at 1 PM KST following a November 27 security breach that resulted in $36.8 million in losses. The platform will absorb all losses from its own reserves, ensuring no impact to customer funds. Authorities suspect the Lazarus Group orchestrated the attack using compromised administrator credentials.

Binance's Bitcoin reserves have declined by $20 billion since mid-August, dropping from $71 billion to approximately $51 billion, data show. Tether holdings across TRC20 and ERC20 networks surged from $26 billion to over $50 billion during the same period, reaching an all-time high. Analysts view the shift as a bullish signal, indicating traders hold significant liquidity for potential market re-entry.

Stani Kulechov, CEO of Aave, welcomed the UK tax authority's consultation outcome on DeFi activities published November 27, 2025. The proposal introduces a 'no gain, no loss' framework for cryptoasset deposits into lending protocols, meaning users would not face capital gains tax when depositing collateral. Kulechov described the approach as a significant benefit for UK DeFi users who borrow stablecoins against crypto holdings.

Unichain's total value locked has fallen 86% from its all-time high following the conclusion of its incentive campaign, according to data from Entropy Advisors. The Layer 2 blockchain distributed over $21 million in rewards through a program that began in April 2025, with a significant portion of capital exiting the network after distributions ceased. Analysts point to limited competitive advantages in retaining liquidity providers once incentives ended.

The World Federation of Exchanges, representing Nasdaq and Deutsche Boerse, has urged the SEC to reject exemptions that would allow unregistered crypto platforms to offer tokenized stock products to US retail investors. In a November 21 letter, WFE CEO Nandini Sukumar warned that bypassing decades-old regulatory safeguards could undermine investor protections. The agency is considering an innovation exemption under Chair Paul Atkins.

The UK government is considering expanding Treasury bill issuance through its Debt Management Office to diversify short-term debt investors and strengthen sterling markets. The move responds to rising demand from new participants, including stablecoin issuers seeking liquid, low-risk assets. A consultation on expanding the ultra-short-dated debt market will begin in January.

Reliance Global Group has liquidated its Bitcoin, Ethereum, Cardano and XRP holdings to consolidate its digital asset treasury entirely into Zcash. The decision, announced November 25, 2025, followed a strategic review by the company's Crypto Advisory Board led by Blake Janover. The board identified Zcash as offering stronger long-term institutional value based on privacy architecture, compliance capabilities and institutional adaptability.