U-Zyn Chua, the former CTO of Cake Group who asked the Singapore High Court in November 2023 to wind up the crypto company, is now considering buying it outright.

Under a potential deal announced at a court hearing in Singapore on Monday, Chua would buy out Cake Group co-founder and CEO Julian Hosp’s interest in the company. The judge overseeing the winding-up application adjourned the case for five weeks so that Chua could review the offer.

When contacted by Tech in Asia, Chua said he is considering the deal.

U-Zyn Chua (left) with his lawyers after the court hearing on Tuesday / Photo credit: U-Zyn Chua’s Instagram account

The terms of the deal were not disclosed. If Chua accepts the deal, it would likely end months of in-fighting between him and Hosp, which was sparked by a round of layoffs at Cake Group in November 2023.

At the time, Chua said that he was opposed to the layoffs, adding that Hosp had kept him out of the loop and unilaterally carried out the job cuts.

Chua, who is still a director at the company, filed the winding-up application last December. He stepped down from his role as CTO in January this year.

Hosp tweeted that his lawyers had filed a notice with the courts stating he would resist the winding-up application.

See also: Cake Group cuts staff by 30% amid rift between co-founders

In an email sent to employees last November, Hosp acknowledged that Cake Group grew operating costs too quickly and underestimated “both the longevity and extent of a broader slowdown in the crypto landscape.”

The group, which earns from transaction fees, saw revenue dwindle by over half to US$266 million in 2022 from US$631 million in 2021. Profit fell by over 5x year on year to US$23.5 million in 2022.

Hosp could not be reached for comment. He posted on X (formerly Twitter) acknowledging the adjournment but did not mention the offer to sell.

Cake Group co-founders Julian Hosp (left) and U-Zyn Chua in 2022 / Photo credit: Cake Group

The two founders established Cake Group in 2019 along with John Rost and Howard Fineman. The latter two left the company in 2021.

Rost and Fineman sued Cake Group over their exit packages in 2023, a case which was settled on February this year, according to an X post from Bake, a crypto platform under the Cake Group umbrella. Bake changed its name from Cake DeFi in June 2023.