Binance fines and hack losses estimated at $10.7B, about 56% of five-year pretax profit

The striking figure is not the headline total but the composition: hack-related losses, at roughly $6.38 billion, exceed known fines of about $4.34 billion, and most of that is a reserve for recent incidents rather than the 2019 bitcoin theft. That suggests operational security, not regulatory penalties, has become the larger cost line for the exchange, a shift worth noting for venues that treat compliance spend as the primary risk budget. Whether the frozen assets and the claimed 95% coverage hold up as recovery progresses is the open question, since reserves are estimates until claims are settled.