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Thailand SEC files criminal complaint against Bitkub over alleged disclosures

The complaint links alleged false reporting to a May 2021 cyberattack that stole digital assets worth about 1.7 billion baht, or $50 million, from the exchange.

Reported · Written up by our desk · Regulation

Thailand’s Securities and Exchange Commission has filed a criminal complaint against Bitkub Online and two former directors over alleged false disclosures tied to a 2021 cyberattack.

The SEC said the May 2021 attack resulted in the theft of 16 types of digital assets from Bitkub, valued at about 1.7 billion baht, or $50 million, and that the exchange later replaced the stolen assets by Oct. 31, 2021.

According to the regulator, Bitkub’s daily net liquid capital reports for the period from May 10 to Oct. 30, 2021, did not show a significant reduction in assets after the theft, which the SEC said created the impression customer holdings were unchanged and that the exchange had not suffered losses.

The SEC named former directors Sakolkorn Sakavee and Thaweesap Rawan, alleging they were responsible for the reports during the investigation period, and said the case will move through investigation, possible prosecution, and court proceedings, while Bitkub disputed the allegations in a post on X.

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