The complex network of Cake (formerly Bake), DeFiChain (DFI), and other components has not been known for transparency. However, since Julian Hosp's takeover of Cake around six weeks ago, it is clear that the 38-year-old crypto celebrity is now solely in charge. Consequently, Hosp is likely aware of the strange emails from Bake causing confusion on Reddit.
User "NoWaySherlockHolmes" shared an email indicating that Bake intends to close his account on August 1 due to inactivity. The email states that if he does not log in by the deadline of July 31, all data, including any stored assets, will be deleted. This raises concerns, especially for long-term investors who might not log in frequently. Other users have reported issues with logging in, and "Slejzak1" commented that this is the worst thing they've seen in crypto besides an exit scam.
An exit scam wouldn't surprise many at Cake/Bake anymore. The price of DeFiChain (DFI) has plummeted, and even Julian Hosp has distanced himself from promoting the project. However, Cake likely still holds millions in other cryptocurrencies and fiat, as revealed in an April court case about the company's future. Co-founder U-Zyn Chua mentioned $32 million as the benchmark for Cake's acquisition during the proceedings.
Conclusion: Why Close Accounts at Bake?
In situations like these, input from prominent critics like Lorena B., who used to gather insider information, would be valuable. Currently, there's no logical explanation for why crypto customer accounts with funds are being deleted by a central authority on short notice with dubious reasoning. Perhaps Julian Hosp will personally clarify the situation.
