Thailand’s SEC has filed a criminal complaint against cryptocurrency platform Bitkub Online Co., Ltd. and two former directors, Sakolkorn Sakavee and Thaweesap Rawan, for allegedly concealing a cyberattack worth approximately $50 million from regulators. The hack occurred in May 2021 and resulted in the theft of 16 types of digital assets valued at roughly 1.7 billion baht. Between May and October 2021, Bitkub allegedly submitted inaccurate net liquid capital reports to the regulator, misrepresenting the extent of its losses. The case has been referred to Thailand’s Economic Crime Suppression Division for further investigation. Bitkub commands over 90% of Thailand’s cryptocurrency market, making this unprecedented criminal action highly consequential for the broader digital asset sector.
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