Searching for missing ingredients in the Cake Group saga

Check out our top articles for the week. [Read from your browser]( Top Stories of the Week Welcome to Tech in Asia's free Sunday newsletter! Get full access to our subscribers-only premium content and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](. Hello {NAME} Writing about someone’s nanny was not on my bingo card for 2024. I make no apologies. The story you are (hopefully) about to read has a lot of details about things that have nothing to do with tech and everything to do with an ongoing fight in the Singapore courts. This is yet another story in the saga of the Cake Group, the parent company of Bake, formerly known as Cake DeFi. If you don’t know, they were once big in the decentralized finance crypto space, managing almost US$1 billion in customer assets. Last Friday, a hearing was held in Singapore’s Supreme Court to determine if the company should be liquidated. I know. That doesn’t offer any clarity on why I’m writing about a nanny. You’ll have to read the story for that, which also has references to people like Toby Hoenisch, founder of crypto wallet TenX, and incidents such as the Dao hack of 2016. All of these details focus on Julian Hosp, who is the CEO of the Cake Group. He wasn’t very thrilled about the story either, judging from this [tweet](. A lot of people online have asked why we didn’t focus more on U-Zyn Chua, the former CTO of Cake, who initiated the current case. The short answer is: We couldn’t get Hosp to talk to us, although we’re still hoping he will. We still want to hear his side of the story. -- [Scott Shuey]( journalist at Tech in Asia  --------------------------------------------------------------- TOP STORIES THIS WEEK 1️. [Is Cake cooked? Founder clashes, liquidation loom over crypto firm]( The fight for control over Cake Group has gone to court. Can the crypto firm’s founders make a deal to save it before it gets liquidated? 2. [List of SEA, India exec moves: Former Lazada grocery boss joins Decathlon]( Top management moves create a domino effect, which makes tracking them important. 3. [Mapping the family offices spreading wealth across startups in SEA]( Family offices investing in Southeast Asia usually seek wealth safety, which makes Singapore a key location due to its currency stability. 4. [Is Grab’s ride-hailing business future-proof?]( Could emerging competitors with their new commission models pose a threat to Grab's dominant position, or is the listed company's top spot secure? 5. [50 rising AI startups in Asia]( Which AI startups have a shot at becoming the next big thing? 6. [Charting ByteDance’s revenue surge to surpass Tencent]( Outpacing Tencent, one of Chinese tech’s biggest and long-standing players, in a key financial metric is a major feat for Beijing-based ByteDance. 7. [Tracking startup closures across Southeast Asia]( There are several reasons why startups in Southeast Asia go bust, but we lack data about it. This piece helps you track the region's macro-level trends. 8. [Pakistan’s startup funding shortage sorting the wheat from the chaff]( After the funding bonanza of 2021 dried up, the country’s startup ecosystem contracted in various ways, but that may not be entirely a bad thing. 9. [20 top angel investment networks in Asia]( Here's our regularly updated list of Asia's top angel investment networks. 10. [GrabPay’s retreat is GXS Bank’s gain]( Many were quick to see GrabPay's shuttering as a casualty of Grab’s profitability drive. But looking at the bigger picture, that might not be the case. --------------------------------------------------------------- TECH IN ASIA REGIONAL FOUNDERS MEETUP: SINGAPORE  Get clarity on your funding prospects with VCs There's been a lot of buzz surrounding Glasswall since its launch. On April 24, hear what VCs from Antler, MSW Ventures, and Square Peg think about its influence on fundraising, the current funding landscape, and more. 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