- Co-founders clash threatens Cake crypto firm’s future.
- Founder files to liquidate $1B exchange after disputes over layoffs.
- Legal battle ensues as empire crumbles.
A bitter recipe for disaster
The fate of Bake, a crypto exchange once boasting US$1 billion in assets, now lies in the hands of a Singapore judicial commissioner.
U-Zyn Chua, co-founder and former CTO of Cake Group (Bake’s parent company), has filed a winding-up application amid escalating conflicts with fellow co-founder Julian Hosp.
With police and Ministry of Manpower investigations underway, the crypto community is left wondering: is Cake’s empire crumbling?
The root of the trouble appears to be a rift between Chua and Hosp, which began in October 2023 over layoffs at Cake Group. Chua, unhappy with the cuts in engineering and his exclusion from the process, sought a buyout from Hosp.
Despite an initial agreement, Hosp retracted his offer, leaving Chua feeling betrayed and pushed out of decision-making. The failed buyout attempts and allegations of Hosp’s misuse of company funds have only added fuel to the fire.
A slice of uncertainty
As the legal battle unfolds, the future of Cake Group hangs in the balance. If the winding-up application is granted, the company will face liquidation.
If denied, a new round of lawsuits may ensue, with Chua considering a breach of contract suit against Hosp.
The once-promising crypto firm finds itself in a sticky situation. Will Cake’s empire rise from the ashes, or will it crumble under the weight of its co-founders’ clash? Only time will tell.
To read the original article: https://www.techinasia.com/cake-cooked-cto-tells-court-liquidate-firm
