PANews reported on February 6 that according to Techinasia, crypto investment platform Bake will close its Singapore market and services from May 1. Bake has set April 30, 2025 as the last date for all users to withdraw digital assets. Officials recommend that all users process their funds before the deadline to avoid any additional administrative processes and potential fees.

Previously, Cake Group sold Bake to GS Technologies last month. The details of the transaction are unclear, but GS Technologies' financial data provides clues. As of September 2024, the company held only $3.26 million in cash and digital assets. In January of this year, the company announced that it had raised $626,000. Cake Group, whose main business is baking, once claimed to have $1 billion in assets and revenue of $631 million in 2021. Even after Cake Group's assets declined after the bursting of the cryptocurrency bubble and legal disputes between its founders, its latest financial data submitted in 2023 still showed its assets at $169 million. It is not clear how much assets Cake Group has left after selling Bake.