- Hosp acquires Chua’s Cake Group stake after feud.
- Co-founders settle following court’s winding-up dismissal.
- Crypto firm gets fresh start amid turbulence.
In a move that concludes a six-month legal battle for control over Cake Group, CEO Julian Hosp has acquired the remaining shares held by co-founder and former CTO U-Zyn Chua.
Chua confirmed the deal to Tech in Asia on Monday, putting an end to the crypto drama.
Better late than never for a deal
The terms of the agreement were undisclosed, but Chua revealed the amount was “much lower than the original deal” tentatively agreed upon in November 2022.
Hosp had previously offered a whopping S$32 million for Chua’s shares, representing half of the voting rights in the crypto company.
Court dismissal paved the way to shake hands
This development follows the April dismissal of Chua’s winding-up application against Cake Group by Judicial Commissioner Alex Wong, who cited a lack of grounds for shuttering the Singapore-based decentralized finance (DeFi) crypto exchange firm. Sometimes, the courtroom isn’t the answer!
A fresh start for Bake.io‘s parent company
With the co-founders’ feud now squashed, Cake Group, the parent company of Bake.io, can refocus its efforts on navigating the ever-changing crypto landscape. The company’s revenue and profits took a hit in 2022 amidst industry turbulence.
Still, Chua remains optimistic about Cake Group’s prospects, stating, “With the crypto market turning around, there is still a lot of potential out there.” Here’s to new beginnings!
To read the original article: https://www.techinasia.com/cake-groups-cto-sells-remaining-shares-legal-fight-ceo
