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Digital Currency Group Reports Multi-Billion-Dollar Losses

DCG reports big losses for 2022.

By Mike Hesp
• 2 min read
Digital Currency Group Reports Multi-Billion-Dollar Losses

DCG reported big losses for the year 2022. Cash on hand as of December 31, 2022 stood at only $262 million.

According to CoinDesk information, Digital Currency Group (DCG) reported a loss of $1.1 billion in 2022. That comes from the fourth-quarter investor report.

It said the downturn in crypto prices and the restructuring of its internal lending platform Genesis were responsible for the negative results.

"In addition to the drag from falling cryptocurrency prices, last year’s results reflect the impact of Three Arrows Capital (3AC) defaulting on Genesis," the report said.

From a consolidated balance-sheet perspective, DCG had total assets of $5.3 billion as of December 31, 2022, CoinDesk said.

DCG has repeatedly made headlines in the past. U.S. authorities began a probe in January 2023 over internal cash movements between DCG and its subsidiary Genesis. Shortly after, the lending platform filed for bankruptcy Genesis bankruptcy filing.

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