Crypto giant DCG revealed a loss of over $ 1 billion in 2022 (report)

Crypto giant DCG revealed a loss of over $ 1 billion in 2022 (report)

The risk capital company-Digital Currency Group (DCG) specializing in cryptocurrencies-reported a loss of $ 1.1 billion last year.

Some of the main reasons for the decline were the collapse of the cryptom market and the bankruptcy of his subsidiary-Genesis.

• DCG-A cryptoconglomerate that was closed by scandals and the bear market- disclosed
• It pointed out The downfall of Genesis (a cryptocurrency loan under his roof) and the decline of Bitcoin as the main factors for the loss:

"In addition to the negative effects of [Bitcoin] and price declines in crypto-assets, the results of the last year reflect the effects of the failure of Three Arrows Capital (TAC) on Genesis."

• It is worth mentioning that Genesis was not the only DCG subsidiary that had some problems. The digital-asset platform Luno, based in London, recently released 35 % of his employees and referred to "The incredibly hard year for the broader technology sector and the cryptoma.
• DCG ended the fourth quarter of 2022 with a loss of $ 24 million, while sales were $ 143 million. The consolidated sales for the entire year achieved $ 719 million.
• at the end of December 2022, DCG had a total assets of $ 5.3 billion, of which only $ 262 million were means of payment and means of payment.
• The company's stock assessment reached $ 2.2 billion, while the shares were traded at almost $ 28. "This assessment is generally in accordance with the decline in the decline in the stock values ​​of the sector by 75 % to 85 % in the same period," says the report.
• In contrast to the financial loss, DCG restructured its promise of $ 1.1 billion (due in 2032) and promised to issue a new type of repayable, changeable prefabricated stocks.

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