Binance May Have Lost Around Half of 5-Year Profits to Fines and Hacks: Analysis

Binance’s “cost of doing business,” including fines and hack losses, could equal more than half of the largest crypto exchange’s estimated pre-tax profits from 2021–2025. Following the largest crypto theft in history, Binance’s combined bill for fines and hack-related losses has reached around $10.7 billion. Meanwhile, Vetle Lunde, head of research at K33 Research , the research arm of Norwegian digital asset brokerage K33, estimates that “a back-of-the-envelope calculation puts Binance’s pre-tax profits at $19.2 billion” for 2021–2025. “Funds are, in all likelihood, very SAFU , and being the leading casino is unimaginably profitable,” Lunde posted on X, noting that “it is quite wild that this, to some extent, reflects a cost of doing business for Binance.” Meanwhile, losses from the record-high hack could still decrease.

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