Cryptocurrency Investment Company Officially Filed for Liquidation

Cryptocurrency Investment Company Officially Filed for Liquidation

The co-founder of cryptocurrency investment platform Cake Group has filed to liquidate the company due to a shareholder dispute.
According to Straits Times, Chua U-Zyn, one of the founders, stakeholders and CTO of the company, appealed to the Supreme Court on December 1. The hearing date was set as December 22.
Julian Hosp, the group’s co-founder and CEO, said the group had “strong evidence” and would seek to dismiss the application to the court.
Hosp said the court application arose from “internal disputes” regarding the company’s restructuring, which was announced in mid-November. Dr. Hosp said they were informed of the court application on December 6.
He emphasized that the group is “financially strong”, that its commercial activities are continuing, that it can meet its obligations, that its assets exceed its liabilities and that customer funds are supported on a one-to-one basis.
Hosp stated that the liquidation application arose from a dispute between shareholders and said, “In other words, the liquidation application was not brought forward with the claim that Cake Group could not pay its debts.” said.
Cake Group decided to lay off approximately 30% of its employees in mid-November.

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