Thailand’s Securities and Exchange Commission has filed a criminal complaint against digital asset exchange Bitkub Online and two former directors, Sakolkorn Sakavee and Thaweesap Rawan, over what the regulator described as false reporting tied to a 2021 cyberattack. According to the SEC, the May 2021 incident led to the theft of 16 digital assets worth about 1.7 billion baht, or roughly $50 million. The regulator said Bitkub replenished the stolen assets by Oct. 31, 2021, but its daily net liquid capital reports submitted between May 10 and Oct. 30, 2021 did not accurately reflect the reduction in assets. Bitkub said on X that the case stems from disclosure decisions made after the hack and does not involve fraud. The exchange said it delayed disclosing the compromised wallet to avoid a bank-run-like rush, and that a co-founder later purchased equivalent digital assets to cover the stolen funds. Bitkub added that neither the company nor its clients suffered financial losses. Founded in 2018, Bitkub is one of Thailand’s major crypto exchanges. Its parent company is also weighing a potential initial public offering, including a possible listing in Hong Kong.
Thailand’s Securities and Exchange Commission has filed a criminal complaint against digital asset exchange Bitkub Online and two former directors, Sakolkorn Sakavee and Thaweesap Rawan, over alleged false reporting linked to a 2021 cyberattack.
The SEC said a cyberattack in May 2021 led to the theft of 16 digital assets from Bitkub, with losses valued at about 1.7 billion baht, or roughly $50 million. The regulator said Bitkub replenished the stolen assets by Oct. 31, 2021. Even so, the exchange’s daily net liquid capital reports filed from May 10 to Oct. 30, 2021 did not accurately reflect the reduction in assets, according to the complaint.
Bitkub said on X that the case centers on disclosure decisions made after the May 2021 cyberattack and is not a fraud case. The exchange said it delayed disclosure of the compromised wallet to avoid a run on the platform, and that a co-founder later bought an equivalent amount of digital assets to cover the stolen funds. It added that neither the company nor its customers suffered financial losses.
Bitkub was founded in 2018 and is one of Thailand’s major crypto exchanges. Its parent company is considering a potential initial public offering, including a possible listing in Hong Kong.
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