At the end of May, Julian Hosp took over the crypto company Bake (Cake) after a long mud fight. But now employees are being laid off again, which is also likely to affect DeFiChain (DFI).
Standstill is frowned upon in the life of crypto celebrity Julian Hosp, who is currently on day 84 of 90 in his comeback initiative for the crypto company Bake (Cake). Hosp began his self-imposed task shortly after he took over Cake at the end of May. As the sole owner of Cake, Hosp also wanted to get the flagship project DeFiChain (DFI) back on the road to success. But now news has reached us that Bake/Cake is undergoing a personnel cutback and fewer than 20 employees remain. While Bake’s turnover was still at 631 million US dollars in 2021, it has already fallen to just under 30 million US dollars in 2023 (2022: 189 million US dollars).
Two rounds of layoffs at Cake had already made headlines and caused controversy in 2023. DeFiChain and the “stablecoin” DUSD, which is part of the ecosystem, have long since reached junk level in their price curves, and Julian Hosp has significantly scaled back his public relations work here. But what could still interest Hosp in Cake (Bake) when the lights go out on DeFiChain?
In 2023, Julian Hosp and U-Zyn Chua, the two founders of Cake, fell out. This April, a court in Singapore refused to liquidate the company. Julian Hosp and U-Zyn Chua used to be friends, but now they were fighting each other in court and negotiating behind the scenes about who should pay who. In the end, Hosp put up money for Cake. U-Zyn Chua once spoke of 32 million US dollars that he wanted for his company shares. It is likely that around 10 million US dollars was paid. But one thing is clear: both founders knew that Cake was worth money – and an earlier hack/bug at DeFiChain also played a role. Around 1,800 Bitcoin (BTC) were stolen from the ecosystem in 2022, and Bake made up for the losses.
We are now receiving indications that this Bitcoin, with a current value of around USD 100 million, is not lost. In Switzerland, the DeFiChain hack is to be processed in court and Bake then has a realistic chance of regaining control of the Bitcoin in question. In such a scenario, the purchase of Bake would have paid off for Julian Hosp, with more than 100 million US dollars in potential profit on the table.
Conclusion: Julian Hosp – many question marks about Bake and DeFiChain
What Julian Hosp is planning with Bake (Cake) is opaque. His comeback challenge can be classified as a failure and it is anything but certain whether DeFiChain will even be able to find funding to continue its technological operations in the coming year. At Cake (Bake), there are other signs in addition to redundancies that a liquidation is being prepared. Hosp has a history with the dubious Lyoness and TenX projects, and many in the crypto scene consider the 38-year-old to be a scammer. So we won’t be the only ones keeping an eye on how Julian Hosp now deals with Bake (Cake), DeFiChain and disappointed investors.
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