What Happened to Cake Group? Liquidating a DeFi Giant
The application's disclosure, through a notice in The Straits Times on December 7, signals escalating tensions within Cake Group.
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The application's disclosure, through a notice in The Straits Times on December 7, signals escalating tensions within Cake Group.
The liquidation application by Cake Group's co-founder Chua U-Zyn, amid layoffs and financial mystery, leaves the crypto community in suspense, prompting questions about industry stability and user implications.
Cake Group faces turbulence as one of its co-founders, Chua U-Zyn, files for the company's winding up, escalating a clash within the organisation. The move, initiated through the Singapore High Court, adds to the strain within the company, exemplified by the recent restructuring announcement in mid-November.
His co-founder Julian Hosp, however, is none too keen to allow the liquidation to happen.
Cake Group, led by CEO Julian Hosp, announces a significant retrenchment and restructuring effort to realign with its core business, Bake, impacting 52 team members, while unveiling Cake 2.0 for a strategic shift in focus amidst challenges in the crypto landscape.
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