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Crypto Startup Slices Staff as Founders Feud

Cake Group cuts 30% amid co-founder clash over layoffs blamed on revenue meltdown and "crypto winter"

Author

Sana Rizwan
November 20, 2023

Crypto startup Cake Group cuts 30% of staff amid a clash between founders over layoffs blamed on plunging revenues and "crypto winter", following a botched app update rollout that ignited skepticism about the company's future despite assurances.

Summary

Crypto startup Cake Group chopped 30% of staff amid a founders' spat.

CEO Julian Hosp pulled the layoff trigger, surprising co-founder Benjamin Chua. These founders don't bake together well.

Crypto Winter Woes, Founders Clash and App Update Missteps

Hosp blamed "crypto winter" for the cuts after revenues melted faster than a popsicle in July. But Chua called him out for ignoring the board.

This whole debacle followed the botched rollout of an app update. It's not great for company morale or credibility. Hosp claims Cake Group's runway is solid and future rosy despite the drama, but sceptical minds wonder.

So buckle up, Cake crew! With clashing founders at the helm, your startup's flight path looks bumpy.

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