Analysis: Binance's fines and hacker losses over the past five years have reached $10.7 billion, equivalent to 56% of its pre-tax profits.

K33 Research Head of Research Vetle Lunde estimates that Binance’s pre-tax profit from 2021 to 2025 is roughly $19.2 billion, while its known fines and hack-related losses total about $10.7 billion—equivalent to 56% of its pre-tax profit over the same period. Of this total, Binance’s known fines amount to around $4.34 billion, including the $4.32 billion paid in a 2023 U.S. criminal settlement and roughly $20 million in penalties from regulators in other countries. For hack incidents, Binance lost around 7,000 BTC (valued at approximately $41 million) in 2019; the October 2026 hack caused roughly $6.34 billion in losses, bringing total hack-related losses to around $6.38 billion. However, around $3 billion from the latest hack has been frozen on-chain, and Binance is still expected to recover some of these funds. The exchange also used 7,500 BTC from its SAFU (Secure Asset Fund for Users) to cover roughly 9% of the losses. Since Binance has never published consolidated group financial statements, the above profit and loss figures are estimates. The report also notes that Binance’s total tracked assets have dropped by more than 11% since the October 29 hack, to around $128.3 billion. As competitors Coinbase, Kraken, and OKX continue to expand, fines, hack incidents, and shrinking asset scale may squeeze Binance’s investment capital and put pressure on its expansion plans.