The Thai Securities and Exchange Commission has filed criminal complaints against digital asset exchange Bitkub Online and two former directors, Sakolkorn Sakavee and Thaweesap Rawan, alleging false reporting related to a 2021 cyberattack. In May 2021, a cyberattack resulted in the theft of 16 digital assets from Bitkub, valued at approximately 1.7 billion Thai baht (around $50 million). Regulators stated that Bitkub’s daily net capital flow reports submitted between May 10 and October 30, 2021, did not accurately reflect the reduction in assets. Bitkub stated on X that the case stems from disclosure decisions made after the May 2021 cyberattack, not from fraudulent intent. The exchange said 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.
Thailand SEC Files Criminal Complaint Against Bitkub and Two Former Directors
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Summary
The Thailand SEC has filed a criminal complaint against Bitkub and two former directors over alleged false reporting following a 2021 cyberattack. The May 2021 hack resulted in the theft of 16 digital assets worth 17 billion THB. The regulator alleges that Bitkub’s reports from May 10 to October 30, 2021, failed to disclose actual losses. Bitkub contends the issue concerns disclosure timing, not fraud, stating it delayed announcing the breach to prevent panic and later acquired equivalent assets, resulting in no losses for users or the company. Traders are closely monitoring the Fear & Greed Index amid ongoing regulatory developments, and altcoin prices may shift as market sentiment responds.
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