Julian Hosp takes over Cake – months of mud-slinging come to an end

After a bitter dispute between the founders of Cake, Julian Hosp and U-Zyn Chua, a solution has been found. Hosp will run Cake alone in the future and wants to revive the main project DeFiChain (DFI). Can this work?

The drama surrounding Cake and DeFiChain (DFI) has come to an end for the time being: According to information from co-founder Julian Hosp, he is taking over the crypto company completely and buying out the shares of the second founder U-Zyn Chua in return. The two had fallen out at the end of 2023 and U-Zyn Chua therefore applied to the court to liquidate Cake (formerly Bake). However, the judge in Singapore rejected the application in April. Hosp then again suggested that he pay out U-Zyn Chua and continue Cake on his own. This scenario is now coming to fruition. The flagship project is DeFiChain (DFI), which is why the rift between Julian Hosp and U-Zyn Chua was and is also relevant for investors.

So far, there is no reliable information about the amount that Hosp is now investing. According to U-Zyn Chua, 32 million US dollars had been offered in an earlier takeover bid. Currently, the former Chief Technology Officer (CTO) of Cake U-Zyn Chua has neither confirmed nor commented on the developments. Hosp announced via X that he would be giving an audio conference tomorrow (Wednesday) to provide information about the past eight months, reveal the current state of affairs and present his plans for Cake and therefore also DeFiChain.

If you like, you can read many details about the conflict between U-Zyn Chua and Julian Hosp in our archive. Small spoiler: There were also allegations of misuse of Cake company funds by Hosp and a dissolute lifestyle. However, DeFiChain’s price curve was already in the basement before the court case became known. The crash began when the algorithmic stablecoin DUSD, which is part of the ecosystem, lost its 1:1 peg to the US dollar in the summer of 2022.

Conclusion: Do Cake and DFI have new opportunities with Hosp as sole ruler?

At its best, DeFiChain was trading at over USD 5 in December 2021; DFI is currently trading at around 6 cents. From this starting position, Hosp now wants to breathe new life into the project. However, several project partners have already bailed out in recent months and rescue attempts for the supposed stablecoin DUSD (currently listed at around USD 0.40) have failed. In addition, Hosp has to live with the fact that he is viewed with suspicion in large parts of the crypto scene due to his professional past at TenX and the pyramid scheme system Lyoness, and scam accusations have also been made. The new starting position for DeFiChain and Cake is therefore anything but simple and it remains to be seen how Julian Hosp envisions a comeback.


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