Internet reports that Bakkt, a U.S. crypto custody and trading platform, has been class-sued by investors, accusing it of making false or misleading statements without fully disclosing its heavy reliance on key customers such as Webull for revenue. The lawsuit was filed by investor Guy Serge A. Franklin took the lead and filed a lawsuit in the Federal Court for the Southern District of New York on April 2, requesting a jury trial. The plaintiff alleges that Webull contributed 74% of Bakkt's crypto service revenue between 2023 and 2024, while Bank of America accounted for 17% of its loyalty service revenue in the first three quarters of 2024. The termination of cooperation between the two companies will cause the company's overall revenue to drop by 73%. The defendants also include former CEO Gavin Michael, current CEO Andrew Main and interim CFO Karen Alexander. Investors believe Bakkt's failure to disclose the risk of contract termination with key customers in a timely manner violated U.S. securities laws and resulted in significant losses.