K33 Research estimated that Binance’s known fines and hacking losses reached about $10.7 billion from 2021 through 2025, equal to 56% of the exchange’s estimated pre-tax profit over the period, BlockBeats reported.
Losses compared with estimated profit
K33 research head Vetle Lunde estimated Binance’s pre-tax profit at roughly $19.2 billion for 2021-2025. The known fines were about $4.34 billion, including a $4.32 billion U.S. criminal settlement in 2023.
Hack losses dominate the estimate
The report listed about $41 million lost in the 2019 theft of roughly 7,000 BTC and about $6.34 billion attributed to an October 2026 hacking incident. It said approximately $3 billion had been frozen on-chain, while the SAFU fund’s 7,500 BTC covered about 9% of the losses.
These figures are estimates attributed to K33 Research and do not represent Binance’s published consolidated financial statements. The report also said Binance’s tracked assets fell more than 11% from Oct. 29 to about $128.3 billion. Source: BlockBeats English report, published Nov. 3, 2026.