• Cake Group faces liquidation amid co-founder dispute.
• Court filing seeks to wind down parent of crypto platform Bake.
• The move casts highlights leadership tensions and crypto market struggles.
Summary
U-Zyn Chua, co-founder and chief technology officer of Singapore-based crypto company Cake Group, has applied for the firm’s liquidation in court. Cake Group is the parent of the crypto trading platform Bake, which recently underwent major layoffs.
Wind-up application
According to court documents, Chua filed the wind-up application under a section of Singapore’s corporate law that allows liquidation if “the Court thinks that it is just and equitable.”
The reasons for the filing are unclear, but Chua confirmed the move with Tech in Asia.
Tensions between co-founders
Cake Group saw revenue and profits plunge in 2022 as crypto markets declined. But insiders cite growing tensions between Chua and co-founder Julian Hosp as a factor in the firm’s
Former employees say they are surprised the situation has reached the point of a wind-up lawsuit.
If Chua’s application is approved, Cake Group’s assets will be liquidated to pay off debts and distribute any surplus to shareholders. The fate of the company now lies with the Singapore High Court.
Bake’s future
The liquidation filing caps months of reported infighting at the highest levels of Cake Group and cast doubts on the future of its Bake trading app.
It also serves as a warning for crypto startups struggling amid 2022’s market wipeout, showing even well-funded firms are not immune.
Co-founder files court application to wind down parent of crypto platform Bake
