Singapore-Based Crypto Investment Firm Cake Group Files for Liquidation

Singapore-based Cake Group, the parent company of crypto platform Bake, is winding up its company and has filed for liquidation. According to a Tech in Asia report, the founder of the crypto investment platform U-Zyn Chua has applied to wind up the Cake Group at a Singapore High Court. The reasons for the company’s wind up aren’t clear. However, in September, Bake crypto platform, which changed its name from Cake DeFi, announced layoffs, affecting 30% of its workforce. Winding up of a company in Singapore is a legal process where the court orders to sell company assets to pay debts. The liquidation claim is being filed under the Singaporean Insolvency.

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