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

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

Cryptocurrency venture capital conglomerate Digital Currency Group (DCG) has reported losses of over $1 billion in 2022 due largely to the contagion relating tocollapse of crypto hedge fund, Three Arrows Capital (3AC).

DCG reportedly lost $1.1 billion last year, according to its Q4 2022 investor report,  and said the results “reflect the impact of the Three Arrow Capital default upon Genesis” along with the “negative impact” from falling crypto prices.

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

Full-year 2022 revenues for DCG came in

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