Cake (Bake) Wants to Close Inactive Accounts – What Is CEO Julian Hosp Planning?

The corporate and project network of Cake (formerly Bake), DeFiChain (DFI) and other components is not particularly transparent. But since Julian Hosp took over Cake around six weeks ago, it is at least clear that the 38-year-old crypto celebrity is now the sole head of the company. Hosp is also likely to know that strange emails from Bake are met with incomprehension on Reddit .

User “NoWaySherlockHolmes” shared one such email, according to which Bake plans to close his customer account on August 1st. The reason: there has been no activity on the account for some time. If he does not log in again by the deadline of July 31st, all data will be deleted, it says, and this will then also affect any assets stored there.

Now a look at the website shows: logged-in investors can manage their investments via the Bake website and/or the associated app and do so with long-term strategies, among other things. “NoWaySherlockHolmes” wonders whether it is now necessary to log in monthly, even for ten-year investments. Other users write that logging in is currently not working anyway. “Slejzak1” comments: “This is the sh*ttiest thing I’ve ever seen in crypto other than rugpull” – in crypto jargon, the code word for an exit scam in which founders run off with remaining funds.

Such an exit scam would probably not surprise everyone at Cake/Bake. The price curve of the flagship project DeFiChain (DFI) has plummeted and even Julian Hosp has largely withdrawn from advertising the project. But Cake is likely to still have millions of dollars worth of other cryptocurrencies and fiat, as became clear in April during a court case about the future of the company. During the proceedings, co-founder U-Zyn Chua reported that $32 million was the benchmark for the takeover of Cake.

Conclusion: Account closures at Cake? Why exactly?

In situations like these, one would wish that the prominent critic of DeFiChain and Cake, Lorena B. , would once again speak out from her self-imposed silence. Because she has collected a lot of information, some of which was leaked from the internal management circle at Cake, some of which came from critical investors.

At least we cannot think of a logical explanation as to why crypto customer accounts with monetary values ​​should be deleted by a central authority at short notice and with flimsy justification. But maybe Julian Hosp himself will explain what is actually going on.

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(Featured image by Kelly Sikkerna via Unsplash)

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