Thai SEC Files Complaint Against Bitkub Over $47 Million 2021 Hack

The Securities and Exchange Commission (SEC) of Thailand has filed a complaint against Bitkub Online, a cryptocurrency exchange, over a 2021 hack. The regulator alleges that Bitkub provided incorrect information in its daily net capital reports after the cyberattack.

In May 2021, hackers stole 16 types of digital assets worth approximately 1.7 billion Thai baht (around $47 million). The SEC claims that Bitkub's former directors, Sakolkorn Sakavee and Thawisap Rawan, made false entries in the company's documents.

Representatives of Bitkub stated that some individuals involved chose not to disclose the theft of one of the wallets to prevent a mass withdrawal of funds. The company claims that since a bank run did not occur, the group's co-founders personally purchased digital assets of the same type and quantity as those stolen.