Thai SEC Files Criminal Complaint Against Bitkub Over Alleged False Reporting

ChainCatcher report: Thailand’s Securities and Exchange Commission (SEC) has filed criminal complaints against digital asset exchange Bitkub Online and two former directors, Sakolkorn Sakavee and Thaweesap Rawan, over false reporting related to a 2021 cyberattack. The SEC stated that a cyberattack in May 2021 resulted in the theft of 16 digital assets from Bitkub, valued at approximately 1.7 billion Thai baht (around $50 million). Regulators noted that Bitkub replenished the stolen assets by October 31, 2021, but its daily net capital flow reports submitted between May 10 and October 30, 2021, failed to accurately reflect the asset reduction. Bitkub stated on X that the case stems from disclosure decisions made after the May 2021 cyberattack, not from fraudulent intent. The exchange explained that the delayed disclosure of the compromised wallet was intended to prevent a bank run, and that co-founders subsequently purchased equivalent digital assets to cover the stolen funds, resulting in no financial loss to either the company or its customers. Founded in 2018, Bitkub is one of Thailand’s largest cryptocurrency exchanges. Bitkub’s parent company is considering a potential initial public offering, including a possible listing in Hong Kong.