Cake Group Co-founder's Liquidation Application Sends Shockwaves Through Crypto Community
Unveiling the Cryptic Liquidation:
On December 1, Chua U-Zyn, the co-founder and Chief Technology Officer (CTO) of Cake Group, submitted a liquidation application to the Singapore High Court. The veil of mystery surrounding this decision has left the crypto community in suspense.
Bake's Workforce Slashed:
Bake, the Singapore-based crypto investment platform under Cake Group, made headlines on November 14 by announcing a significant layoff. A staggering 30% of its total workforce, comprising 53 employees, was affected. The sudden reduction raised eyebrows and fueled speculation about the company's stability.
The Enigma of Financial Turmoil:
The exact reasons prompting Chua U-Zyn to pursue liquidation remain shrouded in uncertainty. Speculation looms over the financial health of Cake Group, with stakeholders and the crypto industry anxiously awaiting clarity.
High-Stakes Hearing:
A pivotal moment approaches as a hearing for creditors and potential dissenters is slated for December 22 at 10:00. This legal showdown could unveil crucial details about Cake Group's financial status and the circumstances leading to its co-founder's drastic decision.
Ripple Effect on Crypto Landscape:
The reverberations of Cake Group's liquidation application extend beyond its immediate sphere. The wider crypto community is watching closely, as the incident raises questions about the resilience and sustainability of businesses in this dynamic industry.
Lessons for Crypto Entrepreneurs:
The unfolding saga serves as a cautionary tale for entrepreneurs navigating the volatile crypto landscape. The sudden twists and turns in Cake Group's journey underscore the importance of robust financial strategies and transparent communication in maintaining trust within the crypto sector.
Future Implications for Bake Users:
As the drama unfolds, Bake platform users may find themselves grappling with uncertainty. The potential impact on their investments and the platform's future operations remains an open question, adding an extra layer of concern to an already turbulent situation.
Seeking Answers in the Crypto Abyss:
Amidst the uncertainties, stakeholders, investors, and industry observers are left navigating the uncharted waters of Cake Group's liquidation. The quest for answers continues, as the crypto community braces itself for the aftermath of this unexpected and impactful development.
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- Dec 07, 2023 3:37 pmCake Group, the parent company of crypto investment platform Bake, submitted a liquidation applicationU-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.
- Dec 07, 2023 3:30 pmCake Group Co-founder Submits Liquidation Application to Singapore High CourtAccording to Foresight News, Chua U-Zyn, co-founder and CTO of Cake Group, the parent company of Singapore-based crypto investment platform Bake, has submitted a liquidation application to the Singapore High Court on December 1. The reason for the liquidation is not yet clear, and a hearing for creditors or anyone who may oppose the liquidation is scheduled for December 22 at 10:00. Foresight News previously reported that Bake announced a layoff of 53 employees, accounting for 30% of its total workforce, on November 14.
- Dec 04, 2023 8:42 pm팬케이크스왑 "$2,100만 상당 CAKE 소각"탈중앙화 암호화폐 거래소 겸 디파이 플랫폼 팬케이크스왑(CAKE)이 X(구 트위터)를 통해 8,808,741 CAKE(2,100만 달러 상당)를 소각했다고 밝혔다. 코인마켓캡 기준 CAKE는 1.51% 오른 2.38 달러에 거래되고 있다.
- Oct 23, 2023 11:10 pm팬케이크스왑 $1000만 상당 CAKE 소각팬케이크스왑이 X(구 트위터)를 통해 방금 전 8,927,136 CAKE(약 1000만 달러)가 소각됐다고 전했다. 거래 수수료 등을 합친 규모다.
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- Jun 23, 2023 8:18 pmPancakeSwap plans to adjust the release amount of BNB mining in V3 from 0.74 CAKE/block to 0.73 CAKE/blockThe decentralized trading protocol PancakeSwap plans to immediately adjust the release amount of BNB mining on the BNB Chain in V3 from 0.74 CAKE/block to 0.73 CAKE/block. This plan is applicable to USDC/BUSD and USDT/BUSD pools.
- Apr 18, 2023 9:26 pmPancakeSwap proposes to improve CAKE token economics, setting CAKE annual inflation rate at 3% to 5%PancakeSwap proposes a major improvement to CAKE token economics, recommending that CAKE’s annual inflation rate be set at 3% to 5% and transition to a low-stake inflation CAKE staking model with real benefits and utility. Discussion proposals have been released. Specific proposals include proposing a staking allocation of 0.35 to 1 CAKE/block instead of 6.65 CAKE/block; CAKE stakers allocating 5% of transaction fees per month from PancakeSwap V3 fee tiers of 0.01% and 0.05%; increased support for long-term The CAKE release weight of the pledged user. The percentage of transaction fees allocated to buybacks and burns will remain the same.
- Mar 03, 2023 2:56 pmBitcoin Long Liquidations Today Hit Highest Since August 2022According to CoinDesk, according to Glassnode data, more than $62 million in Bitcoin long positions were liquidated in the morning Beijing time, the highest level since August 2022.
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