Thailand’s SEC has filed a criminal complaint against crypto exchange Bitkub and two former directors for allegedly submitting false reports to the regulator after a 2021 hack. The May 2021 cyberattack resulted in the theft of 1.7 billion baht, approximately $47 million, in digital assets. From May to October 2021, the SEC alleges that Bitkub’s daily net-capital filings showed no significant change, concealing the loss in breach of Thailand’s Digital Asset Business Decree. Former directors Sakolkorn Sakavee and Thaweesap Rawan are accused of making false entries to mislead the regulator. Bitkub maintains that customer funds are safe and its co-founders covered the stolen assets. The case has been referred to police and prosecutors for further action.
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