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Bakkt is facing a class action lawsuit for failing to disclose important cooperation protocols.
According to Gate.io News bot, Cointelegraph reported that the crypto assets custody and trading company Bakkt is facing a class action lawsuit. The lawsuit alleges that Bakkt failed to disclose information regarding its collaboration protocol with Webull and Bank of America (BoA), and misrepresented to investors that its revenue “largely depends on a single contract with Webull.”
The lawsuit documents show that the termination of the collaboration agreement between Webull and BoA resulted in a 73% loss of income for Bakkt. Specifically, Webull accounted for 74% of Bakkt’s Crypto Assets services revenue, while BoA accounted for 17% of its loyalty services revenue.