The insurance fund is not for covering hacks.

Binance is making so much money, covering this hack is peanuts for them.

Not to be too pedantic, but with some napkin math, I don't think this is true. Looking for clarification!!

I downloaded Binance's self published market data (https://data.binance.vision/), calculated spot and futures volume for the past year, and then applied their *highest fee tier* on both sides of the volume (for every $1 traded, they generate a fee on the taker and the maker. the fee rate is asymmetrical).

Spot revenue worked out to $7.6B USD, perps revenue worked out to $13.8B

This is an upper bound on the fees charged on volume. Binance also scams their users with a b-book, has DMM deals, etc.

I don't want to get into all that today.

But the final result is that they print somewhere in the range of $20B per year on fees. I guess CZ also has huge stockpiles of BTC and stuff. A 1% rise in BTC price probably means more for them than their actual fees, LOL.

All this to say, I think $5.6B significantly hurts.

See Google's stock price today. Their ads business slowed down a bit, and their stock tanked 10%. If binance was publicly traded, I imagine a similar affect would be demonstrated on their price.

How much money do you think they are making? Because I really doubt this is peanuts to them.