Bitcoin Struggling While Binance Projects $1 Billion Year-End Profit

This year has been a profit nightmare for the cryptocurrency market. Bitcoin (BTC), the industry’s flagship currency, took a nosedive in value after losing 70 percent of its overall financial worth since January 2018. Meanwhile, the general crypto market also had a 66 percent value decline, falling from $828.5 billion to $278 billion, Bitcoinist reported.

But even if this is the case, global crypto exchange leader Binance is still projected to profit $1 billion at the end of the year, as revealed by Binance CEO Changpeng Zhao. The CEO shared that in the first half of 2018 alone, the company already had more than $300 million in profits, with its generated income estimated to reach $500 million to $1 billion at the conclusion of 2018.

This number is quite impressive given the fact that the crypto market is seeing a bearish trend. Moreover, the company has only been around a year and it is already doing well for itself, starting from a meager $15 million initial coin offering (ICO) to operating more than $1 billion transactions in a 24-hour volume.

The firm also landed in hot water recently as hackers exploited Syscoin, one of Binance’s hosted cryptocurrencies. The attackers managed to inflate the digital currency’s overall supply to more than $1 billion even though developers set its limit at $888 million.

Taking advantage of this fabricated value, the hackers then traded a single Sycoin for 96 Bitcoins. Aside from this exploit, the illicit actors also got through Binance’s security measures by compromising the company’s application programming interface.

Daunting as these hurdles are, the crypto exchange is still swinging. In a recent announcement, Binance pledged $1 million to people in Japan who were affected by floods brought about by typhoon Maria. As for the company’s largest cryptocurrency, Bitcoin is not doing great at the moment.