Golden Finance reported that the US crypto custody and trading platform Bakkt was collectively sued by investors for making false or misleading statements without sufficient disclosure of its revenue reliance on key customers such as Webull. The lawsuit, led by investor Guy Serge A. Franklin, was filed April 2 in the Federal Court of the Southern District of New York, seeking a jury trial. Plaintiffs said Webull contributed 74% of Bakkt's crypto services revenue between 2023 and 2024, while Bank of America accounted for 17% of its loyalty services revenue in the first three quarters of 2024. The termination of cooperation between the two companies will lead to a sharp drop in the company's overall revenue by 73%. The defendants also include former CEO of the company Gavin Michael, current CEO Andrew Main and interim CFO Karen Alexander. Investors believe that Bakkt's failure to timely disclose the risks of termination of contracts with key clients violates U.S. securities laws and leads to significant losses.