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.
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.
DeFiChain Not Affected
According to DeFiChain, a company closely associated with Cake Group, they are independent from Cake Group’s dispute, and will be unaffected in their day-to-day operations.