The price curve of DeFiChain (DFI) hit a new all-time low yesterday. Fittingly, the next important DeFiChain project, Dobby, has been canceled. Meanwhile, Julian Hosp, DFI’s figurehead, is making himself scarce.
If you fancy watching a house of cards collapse, DeFiChain (DFI) is probably the right object for you. While Bitcoin (BTC) has been leading the crypto markets on a clear upward trend since October 2023, DeFiChain (DFI) is slowly running out of steam. The price of DFI is currently trading close to the USD 0.08 mark and recorded a new all-time low yesterday (Monday). The DeFiChain project was initiated by the crypto company Bake (formerly Cake), which was co-founded by the notorious Julian Hosp. After Jellyverse canceled a planned commitment to DeFiChain earlier this month, Dobby has now also jumped ship.
Dobby is a service tailored to DeFiChain that automatically warns investors when their investments require manual intervention. Dobby has already sent more than 8 million messages to the DeFiChain community, according to the company itself. However, CEO Michael Fuchs has now announced on X that Dobby will soon be shut down. Fuchs writes that he is now alone at Dobby and that all his colleagues have already left. As he is no longer able to manage the Dobby infrastructure on his own and can therefore no longer guarantee the reliability of warnings, he will be taking the service offline. Fuchs calls Dobby an “extremely important” service for DeFiChain and for this reason alone it would be dangerous to continue the project as a one-man project. The DFI community expressed its disappointment in the comments and thanked him for his work.
DeFiChain loss-making for many investors – Hosp embroiled in court cases
While DeFiChain is increasingly losing cooperation partners, all eyes are on Julian Hosp. The scandalous crypto influencer has attracted thousands of investors to DeFiChain and also runs an “Inner Circle”, where you can get exclusive information for monthly fees of more than 100 US dollars. But the sunny boy Hosp is in trouble. Cake / Bake co-founder U-Zyn Chua has taken him to court in Singapore and in the USA, Bake’s first investor John Rost wants to file a class action lawsuit.
Now, as the situation at DeFiChain continues to deteriorate, the usually talkative Hosp is conspicuously silent. On his previously daily account at X, the only thing published recently is a saying by the famous Hindu monk Swami Vivekananda: “Like me or hate me, both are in my favor. If you like me, I am in your heart; if you hate me, I am in your head”, the comment function is restricted. Is this how Hosp wants to fob off the justifiably disappointed and worried investors of DeFiChain?
Conclusion: DeFiChain in free fall – will Hosp be held accountable?
We have been following the decline of DeFiChain and Cake for two years as journalists and have become acquainted with the aggressive DeFighters, as the project’s community calls itself. The man-catcher Hosp has a talent for convincing people to invest in projects where the structure and concept are questionable. After TenX, DeFiChain is now the next project in the crypto sector to hit the wall, in which Hosp plays a prominent role. Lorena B., who is a leading critic of DeFiChain and Hosp on X, has already written off DFI and now wants to turn her attention back to Bitcoin and her private hobbies. But before that, she dug up a video from December 2023 in which Hosp attacks his business partners and contemplates a professional future without DeFiChain and Cake. That’s the way it is with houses of cards: If the wind gets rough, as it did for DeFiChain and for Hosp, chaos, destruction and wreckage are left behind.
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