Thailand’s SEC alleges Bitkub hid a 2021 cyberattack draining $47 million from its platform in falsified filings.
Thailand’s Securities and Exchange Commission filed a criminal complaint against crypto exchange Bitkub and two former directors for allegedly falsifying reports after a 2021 hack. The breach drained 1.7 billion baht ($47 million) in digital assets, but daily net-capital filings from May to October 2021 showed no significant changes, the SEC said.
The complaint centers on accusations that Bitkub and its ex-directors, Sakolkorn Sakavee and Thaweesap Rawan, misled regulators by omitting the loss in filings. The SEC claims the exchange violated the Digital Asset Business Decree by failing to disclose the theft, which involved 16 types of digital assets.
Bitkub stated customer funds remain secure, as co-founders replaced the stolen assets. The case now moves to police and prosecutors for potential court action. Former director Sakolkorn reportedly took sole responsibility in a public statement.