Crypto
Home›Crypto›Regulation›Thailand SEC files criminal complaint over Bitkub $47M…
Thailand SEC files criminal complaint over Bitkub $47M hack reporting
The regulator alleges Bitkub’s May to October 2021 net-capital filings failed to show a theft of about 1.7 billion baht, and the matter now moves to police and prosecutors.
Thailand’s Securities and Exchange Commission has filed a criminal complaint against crypto exchange Bitkub and two former directors, alleging they submitted false reports to regulators after a 2021 hack.
The SEC says a May 2021 cyberattack drained 16 types of digital assets worth 1.7 billion baht, about $47 million, and that Bitkub’s daily net-capital filings from May to October 2021 failed to reflect the loss, in breach of Thailand’s Digital Asset Business Decree.
The complaint, lodged with the Thailand Economic Crime Suppression Division, accuses former directors Sakolkorn Sakavee and Thaweesap Rawan of making false entries to mislead the regulator into believing assets were intact. It now passes to police and prosecutors to determine whether the case should go to court.
Bitkub said customer funds were safe, and that its co-founders covered the stolen funds at the time by buying replacement assets. In a video statement translated by the Bangkok Post, Sakolkorn reportedly said he altered the filings himself, withheld the hack news to avoid panic withdrawals, and apologized and resigned from the company’s boards.