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The Crypto Assets custody and trading company Bakkt is currently facing a class action lawsuit.
The cryptocurrency custody and trading company Bakkt is currently facing a class action lawsuit for failing to disclose relevant information related to its partnership agreements with Webull and Bank of America (BoA), and misleading investors into believing that its revenues “largely depend on a single contract with Webull.” The lawsuit claims that the termination of the BoA and Webull partnership would lead to a 73% loss in Bakkt’s revenues, with Webull accounting for 74% of its crypto services revenue and BoA accounting for 17% of its loyalty services revenue. (Cointelegraph)