Former Bakkt CEO Accused of Insider Trading after Coronavirus Briefing
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March 20, 2020

Kelly Loffler, the former Chief Executive of the Bakkt cryptocurrency custody platform, has been accused of selling several million dollars in stocks after she learned about the likely consequences of the coronavirus pandemic, iHodl Russia has learned.

Loeffler was appointed Governor of the State of Georgia by Brian Kemp in December and took office on January 6. According to her report, she carried out her first sale of shares on January 24, when a closed meeting of the US Senate Health Committee on the topic of coronavirus was held.

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Then she sold shares of Resideo Technologies, and later their value fell more than twice.

In total 29 such operations were committed. By law, members of Congress cannot make investment decisions based on non-public information.

Loffler responded to the allegations by saying "This is a ridiculous and baseless attack."

Loffler's spouse — Jeffrey Sprecher is a chairman and head of the Intercontinental Exchange, which runs Bakkt. Loffler became the second senator to be seen in a major stock sale after the January 24 meeting and before the market collapse. Senator Richard Burr, who headed the intelligence committee, sold stocks ranging from $500,000 to $1.5 million in February.

Earlier Bakkt announced that the users of its Bakkt Cash app will soon be able to use it to pay with cryptos in Starbucks.

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