The trade magazine “Tech in Asia” reveals the rift between Julian Hosp and U-Zyn Chua. The two founders of Cake and DeFiChain (DFI) are fighting each other in court. It’s about a lot of money, management style and the future.
According to the trade magazine “Tech in Asia“, crypto celebrity Julian Hosp has revealed a handling of company funds that seems more than strange. For example, as CEO of Cake, Hosp is said to have paid his nanny’s salary at the company’s expense and also made generous use of the company’s coffers for private purposes. The online journal refers to documents it has seen that play a role in the legal dispute surrounding Cake. U-Zyn Chua, who founded Cake together with Hosp, is seeking to have the company liquidated.
Hosp and his understanding of company funds unprofessional
U-Zyn Chua is apparently not sparing with accusations and evidence. According to the report, Cake CEO Julian Hosp personally claimed millions of US dollars in expenses every month. For example, a woman who officially worked as a “senior editor” at Cake was paid a monthly salary of 8,400 US dollars. In reality, however, she was responsible for looking after Hosp’s children. In times when Cake was making millions in profits, this probably didn’t go unnoticed. But when Hosp ordered job cuts and cost savings in the fall of 2023, U-Zyn Chua investigated and discovered the inconsistencies, writes “Tech in Asia”. The incident is also being investigated by the authorities in Singapore, and the woman’s work visa has been revoked.
Hosp does not comment directly on the allegations and vaguely states that he is cooperating with the authorities. Hosp was probably also generous with advertising expenses. He is said to have had campaigns promoting his personal website and the external NAS Academy paid for via the Cake account. Hosp’s lawyers justify this with a sophisticated advertising strategy in which Hosp’s popularity was also indirectly intended to benefit Cake. “Tech in Asia”, which was provided with documents, doubts the account and refers to criminal charges filed by U-Zyn Chua in this matter.
DeFiChain (DFI): Next all-time low and caught up in Cake
The mudslinging between Hosp and Chua has long since affected their former flagship project DeFiChain (DFI). DFI hit a new all-time low yesterday and is 99% away from its all-time high from December 2021. As Cake’s main product, DeFiChain is thus probably burned. But what happens now with the company, which still has estimated reserves of up to 100 million US dollars?
According to U-Zyn Chua, Hosp offered to pay him USD 32.5 million in the fall of 2023 and continue running Cake on his own. He had agreed to this – but Hosp withdrew the offer a day later. In the ongoing court proceedings, Hosp had again offered U-Zyn Chua to take over Cake in February 2024. According to U-Zyn Chua, this did not fail due to money, but due to a contractual clause that was supposed to guarantee Hosp civil immunity for his actions as CEO.
“Tech in Asia” has been following the events and developments at Cake for years. Hosp is now accusing the magazine on X of taking sides with U-Zyn Chua because he has a personal friendship with the head of the media company. However, the latest article concludes that both Julian Hosp and U-Zyn Chua are currently caught up in the court battle. A liquidation of Cake could clarify the situation, otherwise another round of lawsuits threatens, the authors conclude.
Conclusion: Clean-cut Julian Hosp? The image has deep wounds
Julian Hosp’s life story includes his activities at the Lyoness pyramid scheme and the failed crypto project TenX. This is where Hosp and Chua met. In this respect, Chua must have known that when Hosp leaves, there is always a lot of trouble, including of a financial nature – which is now being repeated at Cake. Hosp likes to present himself as a clean-cut sportsman with a medical degree, but the realities speak a different language.
The losers are once again those who followed Hosp’s advertising slogans and invested in DeFiChain (DFI). DeFighters is the name given to the group of investors who are now facing a total loss on their investments. Incidentally, Hosp has announced an online session for today via X, which will be “juicy” (“raunchy”). The story of Cake and the once inseparable Julian Hosp and U-Zyn Chua probably still has room for more chapters.
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