Thai SEC Files Criminal Complaint Against Bitkub Executives Over Concealed $50M Hack Losses

Regulators accuse Bitkub executives of filing false reports to hide $50M in stolen assets from a 2021 cyberattack, with the case now under criminal investigation.

Woofun AI reports that the Thai Securities and Exchange Commission has filed a criminal complaint against cryptocurrency exchange Bitkub Online and former directors Sakolkorn Sakavee and Thaweesap Rawan. The regulators accuse the parties of submitting false financial reports between May and October 2021 to conceal losses exceeding $50 million from a cyberattack that stole 16 types of digital assets. The case has been referred to the Thai Economic Crime Suppression Division for investigation.

The SEC alleges that Bitkub failed to reflect these losses in its Form DA 1 daily net capital reports from May 10 to October 30, 2021, creating a false impression that client assets remained intact. Although Bitkub stated on July 23 that co-founders purchased replacement assets to cover the losses and that customer holdings are secure, the SEC maintains that the interim reports constituted false statements.