What Happened to Cake Group? Liquidating a DeFi Giant

2023/12/11 11:07

On December 1, Chua U-Zyn, co-founder and CTO of Cake Group, the parent company of Bake, submitted a liquidation application to the Singapore High Court.

The motive behind this move remains undisclosed.

A hearing, slated for December 22 at 10:00, will provide a platform for creditors or opposing parties.

The application's disclosure, through a notice in The Straits Times on December 7, signals escalating tensions within Cake Group.

This Takes The Cake

Chua U-Zyn publicly aired his disagreements with his partner on X (formerly Twitter), citing a lack of alternatives after failed internal resolutions.

The discord originates from internal disagreements stemming from a mid-November restructuring announcement by Dr. Hosp.

The plan outlined a 30% staff reduction, affecting 52 employees across offices in Singapore and Kuala Lumpur.

U-Zyn purportedly did not agree with this plan, citing that it disagreed with the board.

According to sources, the tensions between co-founders have been simmering for months.

Chua was reportedly uninformed about the November layoffs, which he had opposed.

I deny Julian's posts. Cake is my baby and it has been tough for me.

There are disputes between him and I regarding the conduct of company's affairs that could not be constructively resolved internally. As these matters are now before the court, it is inappropriate for me to…
— U-Zyn Chua (@uzyn) December 7, 2023

Former employees, taken aback by the escalation of conflicts, expressed surprise at the co-founders' emotional dynamics. One former employee remarked:

“I'm amazed at how emotional they (the co-founders) are and at their inability to protect their investment.”

Dr. Hosp similarly took to X to state his point of view.

Disappointed to see U-Zyn filing a request on December 1st (we were only informed yesterday, December 6th) in Singapore stating that due to a 'shareholder dispute' between the two of us, he would prefer to dissolve the company rather than to resolve it constructively.

For me,…
— Dr. Julian Hosp (@julianhosp) December 7, 2023

DeFiChain Not Affected

U-Zyn and Dr. Hosp also co-founded DeFiChain, a blockchain project with a TVL of over 300 million.

The company has iterated that they are independent from Cake Group's dispute, and will be unaffected in their day-to-day operations.

📢 Official Statement from DeFiChain Labs:

Given recent news reports and the FUD swirling on social media, it is important to reiterate that DeFiChain Labs functions separately from Cake Group. The ongoing dispute between Cake Group’s co-founders holds no sway over our…
— DeFiChain Labs (@DeFiChainLabs) December 10, 2023

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What Happened to Cake Group? Liquidating a DeFi Giant

This Takes The Cake

DeFiChain Not Affected

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