DCG losses top $1B on the back of 3AC collapse in 2022

DCG losses top $1B on the back of 3AC collapse in 2022- Check out the story here

The crypto conglomerate reported that falling crypto prices and the fallout from Three Arrows Capital’s loan default to Genesis affected its results.

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[{"selector":"#anim-3c23051e-0c11-4014-8319-56acfa4a943e [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.813401331952118%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] Cryptocurrency venture capital conglomerate Digital Currency Group (DCG) has reported losses of over $1 billion in 2022 due largely to the contagion relating to the collapse of the crypto hedge fund Three Arrows Capital (3AC). Arrow

DCG reportedly lost $1.1 billion last year, according to its Q4 2022 investor report

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Genesis is the lending arm of DCG and the firm filed for Chapter 11 bankruptcy in late January.

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Genesis is 3AC’s largest creditor, as the company loaned the now-bankrupt hedge fund $2.36 billion. 3AC filed for bankruptcy in July 2022.

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DCG’s fourth-quarter losses came to $24 million, while revenues came in at $143 million.

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The remaining assets were held by divisions of its asset management subsidiary Grayscale and DCG’s Bitcoin

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