Thai SEC Files Complaint Against Bitkub Over Alleged Misdisclosures
The Thai Securities and Exchange Commission (SEC) has filed a criminal complaint against Bitkub Online, a prominent cryptocurrency exchange in Thailand, and two former directors over alleged misdisclosures related to a cyberattack in May 2021.
According to the SEC, the attack resulted in the theft of 16 types of digital assets worth approximately 1.7 billion baht (around $50 million), which Bitkub later replaced by October 31, 2021.
The regulator claims that Bitkub did not accurately report the incident's effects in its daily net liquid capital reports between May 10 and October 30, 2021, potentially creating an impression that customer assets remained unchanged and the exchange had not suffered losses from the attack.
Bitkub disputes the SEC's allegations, stating that it delayed disclosing the wallet compromise to prevent a bank run while working to address the stolen funds. The company claims its co-founders later purchased digital assets equivalent to what was taken, meaning the exchange and its customers did not ultimately bear financial losses.