Case summary
What happened
Cake DeFi originally provided retail access to staking, institutional lending, liquidity mining, and later Savings and DeFi-powered Lending products. The retail business rebranded to Bake in June 2023. In March 2026 the operator announced an indefinite suspension of crypto-asset services, and from 15 April 2026 remaining crypto balances were converted to USD, new crypto deposits and accounts were stopped, and existing accounts became withdrawal-only under a custodial arrangement. The reviewed evidence does not establish completion of every withdrawal or uniform treatment of illiquid assets.
Customer result
Customer outcome
Unknown
The platform describes an orderly USD withdrawal process rather than insolvency or bankruptcy. Unknown is used because platform-wide completion, fees, timing, and treatment of assets lacking a liquid market are not independently confirmed.
- Estimated recovery
- Not classified. Bake states that remaining crypto balances were converted to USD and are withdrawable through a custodial arrangement, but the reviewed sources do not establish completion for every customer or recoverable value for every illiquid asset.
- Repayment started
- 2026-04-15
- Repayment completed
- —
- Confidence
- High
Asset treatment
Terms risk
Varies by product
Current withdrawal-only terms must not be retroactively applied to every historical product. Marketing statements such as principal protection are not treated as overriding contractual risk, custody, fee, forfeiture, conversion, or withdrawal provisions.
- Affected product
- Cake DeFi and Bake yield products, crypto balances, Bake Pro balances, and converted USD withdrawal accounts
- Confidence
- High
Historical Cake DeFi and Bake staking, lending, Savings, liquidity-mining, and membership products used different custody and strategy structures. From 15 April 2026, current terms define only account maintenance and withdrawal of crypto balances converted to USD through Bake and a custodial institution, while all crypto functionality is blocked.
Known unknowns
Uncertainty
The exact 2019 launch day was not identified. Historical Cake DeFi products used different strategies and terms. The reviewed April 2026 terms establish a withdrawal-only USD state, but do not prove that every customer completed withdrawal or that every illiquid asset retained recoverable value.
Chronology
Historical record
Cake DeFi begins operating
Cake DeFi was founded in 2019 to provide retail access to crypto yield and decentralized-finance services.
The exact launch day was not identified; 1 January is a sortable approximate date.
Cake DeFi documents staking, lending, and liquidity-mining products
Cake DeFi described a product suite spanning staking, institutional-partner lending, and DeFiChain liquidity mining for customer yield generation.
Historical product descriptions and advertised rates are not treated as current or guaranteed.
Cake DeFi retail platform rebrands to Bake
Cake Group announced that the Cake DeFi retail business and mobile applications would adopt the Bake name while the wider group retained separate institutional, research, and venture activities.
The record treats Cake DeFi and Bake as one continuing retail-platform identity, not two separate canonical platforms.
Bake announces indefinite suspension of crypto-asset services
Bake announced that crypto-asset trading services would be suspended from 15 April 2026 as part of MiCA alignment, with withdrawals available before the cutoff and remaining balances to be converted to USD.
The company described the step as a business decision during regulatory transition rather than an enforcement order.
Bake blocks crypto services and converts balances to USD
Updated platform terms restricted Bake to maintaining existing accounts and processing withdrawals of USD balances converted at the 15 April 2026 exchange rate; crypto trading, storage, deposits, new accounts, and other crypto functionality were blocked.
The platform remains available for account maintenance and USD withdrawals, so the canonical platform status is limited rather than fully operations-ended.
Source record
Evidence dossier
Filter by claim, reliability, source type, and whether evidence is linked to a specific event.
Entity
2 sourcesBake Savings
Bake
Historical/current product page describes centralized lending of customer assets and marketing claims including principal protection. Those claims are not treated as contractual guarantees.
Bake Lending
Bake
Product page describes stablecoin lending through Compound and weekly processing. It is historical context after the April 2026 crypto-service suspension.
Event
4 sourcesWhat is Cake DeFi?
Cake DeFi / Bake · 2020-10-20
Historical first-party description of staking, institutional lending, and DeFiChain liquidity-mining products.
Cake DeFi is now Bake
Cake Group / Bake · 2023-06-26
First-party rebrand announcement identifying Bake as the renamed retail business under Cake Group.
Important update: suspension of crypto-asset trading services
Bake · 2026-03-28
First-party announcement of the 15 April 2026 service suspension, balance conversion, and withdrawal arrangements.
Temporary suspension of crypto-asset trading services
GSTechnologies Ltd / London Stock Exchange · 2026-03-26
Company market announcement confirming the group decision and stated MiCA alignment context.
launch date
1 sourcesBake about us and company history
Bake
First-party history states that Cake DeFi was founded in 2019 by Julian Hosp and U-Zyn Chua.
status
1 sourcesImportant update regarding Bake
Bake · 2026-04-15
Current platform notice states that crypto services were suspended, crypto balances were converted to USD, and a custodial institution would handle safekeeping and withdrawals.
terms risk
2 sourcesBake terms and conditions updated 15 April 2026
Bake / Finferno Sp. z o.o. · 2026-04-15
Current terms restrict the platform to account maintenance and USD withdrawals, block all crypto functionality, identify the Polish contracting entity, and provide for custodial handling and fees.
Bake Lending risk disclosure
Bake · 2024-08-15
First-party disclosure describes smart-contract, counterparty, liquidity, depegging, and fluctuating-reward risks for DeFi-powered Lending.
No evidence records match the current filters.
Comparative records