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The crypto winter of 2022 affected many firms, digital assets, and investors. The fall of crypto asset prices led to massive losses for many participants. Fast-forward to 2023, some firms still struggle to survive the aftermath of last year’s revenue loss. One of the top crypto industry giants, DCG, released its 2022 financial report revealing a loss of $1.1 billion. The firm indicates that the bankruptcy of Genesis and the overall crypto market crash affected its revenue.  Digital Currency Group Revenue, Assets, And Liabilities In 2022 The report shows that DCG was among the investor of the firms that lost revenue in 2022. Apart from the extended bearish trend, the firm was also affected when its subsidiary, Genesis, went bankrupt.  Related Reading: Bitcoin Price Stuck In Key Range, What Can Spark Fresh Increase In the financial report, the crypto giant lost $24 million in the fourth quarter of 2022, while its total revenue was $143 million. Its consolidated revenue for the entire 2022 was $719 million. Regarding the firm’s assets, the report showed $5.3 billion in total assets as of December 2022. Among the assets, only $262 million were cash and cash equivalents.  On DCG’s equity value and shares price, the report indicates its valuation was $2.2 billion while its shares price was close to $28. The firm noted that the entire sector recorded a general decline of 75%-85% in equity values, which also affected it.  On the positive side, DCG restructured its promissory note worth $1.1 billion, due in 2032. It is also planning to issue new redeemable and convertible stocks. The firm also disclosed that it achieved a milestone in restructuring Genesis.  According to the report, Genesis Global Holdco agreed to sell itself and Genesis Global Trading to assist DCG, the parent company, in paying off creditors. Per the agreement, the maturity of DCG’s May 2023 debt obligations to Genesis Capital worth $600 million will be extended to June 2024.  DGG Subsidiaries Collapse Rocking Its Boat The crypto industry as a whole saw many firms crash due to loss of revenue, liquidity crunch, and macros. The first two firms that crashed were Celsius and Voyager Digital. Afterward, others followed suit, including an algorithmic stablecoin Terra-LUNA, a hedge fund Three Arrows Capital (3AC), FTX crypto exchange, etc. Related Reading: Bitcoin Bull Run Started In January: 9 Reasons By Charles Edwards Amongst the firms that filed for bankruptcy last year was Genesis Global Holdco and two of its subsidiaries, Genesis Asia Pacific and Genesis Global Capital. Genesis Global Capital had over 100,000 creditors at the time of bankruptcy. Its liabilities were $1 billion, while its assets were $10 billion. The two subsidiaries operating as lending firms also had an estimated $00 million and $500 million in assets and liabilities.  Another DCG subsidiary that recorded financial issues was Luno. The digital asset platform had to cut its workforce by 35% to weather the tough year ravaging the crypto market and tech industry.  Featured image from Pexels and chart from Tradingview.com