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Crypto & Web3

Cake’s Crumbling Empire: Co-Founders’ Clash Threatens Crypto Firm’s Future

Nicole Kristine Jovero
Last updated: April 23, 2024 3:06 am
Nicole Kristine Jovero
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2 Min Read
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  • 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.
 

Contents
A bitter recipe for disasterA slice of uncertainty

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

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