[Analysis: Binance's Fines and Theft Losses Reach $10.7 Billion in the Past Five Years, Equivalent to 56% of Pre-Tax Profits] According to BlockBeats, on November 3rd, Vetle Lunde, Research Director at K33 Research, estimated that Binance's pre-tax profits from 2021 to 2025 were approximately $19.2 billion, while known fines and hacking losses totaled approximately $10.7 billion, equivalent to 56% of pre-tax profits during the same period. Of this, Binance's known fines amounted to approximately $4.34 billion, including $4.32 billion paid in a US criminal settlement in 2023 and approximately $20 million in fines imposed by regulatory agencies in other countries. Regarding hacking incidents, Binance lost approximately 7,000 BTC in 2019, worth approximately $41 million; a hacking attack in October 2026 resulted in approximately $6.34 billion in losses, bringing the total related losses to approximately $6.38 billion. However, of the approximately $3 billion frozen on-chain in the latest hack, Binance is still expected to recover some of the funds. Binance has also used 7,500 BTC from its SAFU fund to cover about 9% of the losses. Since Binance has never published consolidated financial statements, the aforementioned profits and costs are estimates. The report also points out that Binance's tracked assets have decreased by more than 11% since the October 29 hack, to approximately $128.3 billion. With competitors Coinbase, Kraken, and OKX continuing to expand, fines, the hack, and shrinking assets may compress Binance's investment funds and put pressure on its expansion plans.