Cake Group, the parent company of crypto investment platform Bake, submitted a liquidation application

U-Zyn Chua, co-founder and chief technology officer of Cake Group, the parent company of Singapore-based crypto investment platform Bake, has submitted a liquidation application to the Singapore High Court. The reason for liquidation is unclear. A hearing for creditors or those who may object to the liquidation is scheduled for 10:00 on December 22. (Tech in Asia) According to previous news in November, Dr. Julian Hosp, CEO of Singapore’s crypto investment platform Bake, posted on the The company's main focus is not to reduce a single vertical business and ensure that it can provide better services. Meanwhile, discussions have been ongoing about possible changes in the organization's leadership, but nothing confirmed so far. Once confirmed, it will first be communicated internally and then made public. If a leadership transition occurs at the company, business continuity will be prioritized through handover and transition planning. Hosp said he will continue to serve as CEO of Cake Group.