Once again, the shimmering dream of easy cashback rewards lies in ruins. The infamously controversial Austrian holding company, myWorld International AG—the latest incarnation behind a global web of loyalty and “benefit” platforms—has filed for bankruptcy in Graz, sending shockwaves through thousands of retail partners, small investors, and, of course, an army of loyal recruiters.
Singapore resident Julian Hosp, a crypto entrepreneur already tarnished by his association with the defunct crypto venture TenX, is now embroiled in a contentious legal battle concerning his latest enterprise, Cake, as well as its associated crypto platform, DeFiChain (DFI). Uncovered documents expose a rift between Hosp and co-founder U-Zyn Chua, highlighting disputes over financial management, the company's future, and allegations of misuse of company funds.
Austrian doctor and blockchain entrepreneur Julian Hosp is currently facing new challenges with his latest venture, Cake Group. Hosp, who has gained notoriety in the blockchain industry, especially after his involvement in the now-defunct TenX, is again in the spotlight for alleged financial mismanagement. TenX, which raised $80 million in an Initial Coin Offering (ICO) during the 2017 cryptocurrency boom, was regarded as an exit scam by the industry.
Trading tokenized shares are currently all the rage on crypto exchanges. The aim is to indirectly offer customers trading with traditionally listed shares such as Apple, Microsoft, or Tesla without the intermediation of brokers and low fees. We think tokenized shares also qualify as securities and require a license. While FTX trades tokenized shares through its CySEC-regulated subsidiary K-DNA Financial Services Ltd and other regulated entities, Julian Hosp's DeFiChain operates without regulatory permission. Here's a quick comparison.
The self-proclaimed crypto guru Julian Hosp is infamous in the global crypto scene. The former manager at MLM scheme Lyoness before joining the collapsed crypto startup TenX in 2016 or 2017. TenX pulled off an $80 million ICO in 2017, but what happened to the money is unknown. Hosp parted ways with the rest of TenX's founders in a dispute in 2019 and founded Cake DeFi and DeFiChain, which are under fire and regulatory scrutiny. Germany's BaFin announced an investigation in January 2022. We advise investors to be extremely cautious of Julian Hosp and his unauthorized crypto schemes.
The crypto platform Cake Defi (www.cakedefi.com), founded in June 2019, is backed by well-known Austrian entrepreneur, blockchain expert, and former MLM artist Julian Hosp. Cake Defi provides access to a wide range of decentralized financial services, or short "DeFi," enabling customers to generate returns from their crypto and digital assets. However, BaFin has determined that the company may be conducting unauthorized banking business or financial services in Germany.