http://www.safestpokersites.com/blog/win-cake-closed/
Cake Poker was created in 2006, and gained momentum in 2007. Though it was buggy with terrible software, it was still rapidly growing. I played on there a lot in 2007, and an (unfortunately) memorable experience there.
It started off great. A major fish won a $75k "gold card" contest, and then proceeded to sit in 50-100 limit holdem. I was the huge winner in that game -- pulling off a staggering 62k win against this guy and a few other pros in 3-5 handed games over a 2-day period. I both ran well and played this fish perfectly (who was beyond awful). The 62k win (1240 big blinds) was my biggest 2-day cash win in big blinds (by a wide margin) and was almost my biggest 2-day cash win at any game.
The situation turned ugly when the fish was sure I was part of a Jewish conspiracy to cheat him (seriously), and he was even more convinced when I typed things like "HEBREW POWER" after he was ranting about Jews following losing pots. He didn't know who I was or that I was actually Jewish, but was ranting against Jews nonetheless.
The fish accused me of colluding with another pro in the game -- charges which were completely false.
The idiot security guy "Tony" believed the fish, and informed me that my account was closed and my $46k balance would be confiscated. He refused to provide any evidence that I was actually cheating. Amazingly he reversed course, but only after I threatened that I would expose this situation via neverwinpoker (a forum I was heavily involved with at the time).
So back to the present...
Cake went downhill and eventually had problems paying people. In 2013, they split into 2 parts -- Win Cake for non-US players, and Juicy Stakes for US players.
Both have failed.
Win Cake has now folded into a different skin on the Revolution Network. Euro Club Poker has made this offer, according to the article:
Win Cake players outside the UK were offered a starting bankroll of 10-20% of their balance at Juicy Stakes. Players that accept the offer will receive a 55% rakeback deal and must rake 150% of their Win Cake balance to receive it as a cash withdrawal. Players that accept a bailout from Juicy Stakes will lose Gold Cards and Gold Chips.
That's pretty lousy.
I really hate these poker networks where the skins hold their own funds. That's just asking for trouble. Revolution is one of those networks, apparently.