ChainThink reports that, on July 23, Thailand’s SEC filed criminal charges against Bitkub Online and two former directors, Sakolkorn Sakavee and Thaweesap Rawan, with the Economic Crime Suppression Division, accusing them of concealing the theft of approximately 1.7 billion Thai baht in digital assets in 2021.
The Thai SEC alleges that, following a hack in 2021, Bitkub submitted false daily net capital reports to regulators between May 10 and October 30 of the same year, failing to disclose the theft of related digital assets.
Two former directors were also accused of making false entries in company documents, misleading regulators into believing that customer assets were properly safeguarded and that Bitkub had suffered no losses.
Bitkub responded that the incident occurred approximately five years ago, when the involved parties chose not to disclose the stolen information to avoid a bank run; the co-founders personally purchased an equivalent amount and type of digital assets to cover the shortfall, ensuring no customer assets were lost.
Bitkub stated that the Thai SEC confirmed on September 8 that customer assets are secure and intact.