Summary
- It was reported that Bakkt has been embroiled in a class action lawsuit for non-disclosure of specific information.
- A group of Bakkt investors claimed they suffered damages due to violations of securities laws and lack of transparency.
- It was pointed out that the failure to renew contracts could result in Bakkt suffering a 73% loss of maximum revenue.
On the 4th (local time), according to the cryptocurrency-focused media outlet Cointelegraph, Bakkt, a digital asset trading and custody platform under the world's largest stock exchange group Intercontinental Exchange (ICE), has been embroiled in a class action lawsuit for non-disclosure of specific information.
According to the lawsuit filed in the Southern District Court of New York, a group of Bakkt investors claims they suffered damages due to violations of securities laws and lack of transparency in business contracts with Bakkt's major clients, Bank of America (BofA) and Webull.
In particular, it was pointed out that since Bank of America and Webull accounted for a significant portion of Bakkt's revenue, the failure to renew contracts could result in a loss of about 73% of maximum revenue.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
