Binance Fines and Hack Losses Estimated at $10.7 Billion, Equal to About 56% of Five-Year Pre-Tax Profit

Odaily — The costs incurred by cryptocurrency exchange Binance from fines and hack-related losses are estimated at approximately $10.7 billion, equivalent to about 56% of its estimated pre-tax profit from 2021 to 2025. Vetle Lunde, Head of Research at K33 Research, estimates that Binance's pre-tax profit over the same period was approximately $19.2 billion.Known fines total approximately $4.34 billion, including the $4.32 billion U.S. criminal settlement Binance agreed to pay in 2023; Binance's local business units in other countries were separately fined about $20 million. Hack-related losses amount to approximately $6.38 billion, including $6.34 billion reserved for recent incidents and 7,000 BTC stolen in 2019.In the recent hack incident, approximately $3 billion in stolen crypto assets have been frozen, and the amount Binance will ultimately be able to recover remains unclear. Binance says it has covered about 95% of the affected assets, and withdrawals have recovered and stabilized after an initial surge; its tracked assets have fallen more than 11% since October 29 to approximately $128.3 billion. (Bitcoin.com News)