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.
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
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.