Cake DeFi Investor Settles Dispute With Hosp, Chua; "Regrets" Personal Remarks

A settlement has been reached between Bake's (formerly Cake DeFi) Julian Hosp and U-Zyn Chua, and early investors John Rost and Howard Fineman.

In a post on X, Bake announced that the parties reached "an amicable agreement to settle all disputes between them."

Rost's and Fineman's outstanding DFI has been converted to DUSD and then burned to "show full support to the DeFiChain community."

Bake clarified that Rost and Fineman have not been involved in Bake since April 2021.

In a separate public statement addressed to Hosp and shared by Hosp, Rost expressed regret for comments made towards Hosp, his wife and Chua.

"In the heat of the moment, I made certain negative statements about the Cake Group, DeFiChain and its community, Mr U-Zyn Chua, Dr Julian Hosp and his wife Mrs Bettina Hosp," Rost said.

"I regret making these statements, which I now retract," he added. "I regret that statements concerning Dr Julian Hosp's character, integrity, and personal life were made.

Meanwhile, Rost tweeted, "It's a great day. Nice to celebrate victories at home in the Cayman Islands," with an attached photo taken from a beachside villa. The rest of his Twitter/X feed has been scrubbed.

Bake has been shrouded in drama over the last few months, and this uncertainty has resulted in the value of the DefiChain (DFI) token plunging; it's down 85% over the past year.

In December, Chua initiated the process to wind up the entire company. The application was heard before the High Court on Friday, 22 December 2023, one month after a layoff involving 30% of staff at the firm. Chua said that Hosp had kept him out of the loop and unilaterally carried out the cuts.

Hosp responded to Chua's wind-up application, stating, "While it is regrettable that such internal disagreements have been brought into the public domain, we are working with all stakeholders to resolve this dispute expeditiously."

The Cake Group CEO claimed that Chua's application was not a result of financial concerns at the firm.

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"The Winding Up Application has NOT been brought on the grounds that Cake Group Pte Ltd is unable to pay its debts," Hosp said. "In this respect, our day-to-day operations remain unaffected and we continue to operate at full capacity to deliver our products and services."

Bake seems to be operating normally, with a recent announcement that STRK is the platform. "Make way for the Layer 2 Solutions, as they emerge to improve the network congestion and high network fees on Ethereum," Bake tweeted.