Thai SEC Files Criminal Complaint Against Bitkub Over 1.7B-Baht Hack

Thai cryptocurrency exchange Bitkub is facing a criminal complaint from the country's Securities and Exchange Commission (SEC) over a massive hack in May 2021. Hackers stole approximately 1.7 billion baht worth of digital assets, including 16 types of cryptocurrencies.

The SEC claims that Bitkub filed false reports with the regulator between May 10th and October 30th, 2021, stating that there was no significant change in its assets despite the hack. The exchange allegedly omitted details about the incident to prevent a bank run and protect customer assets.

Bitkub's co-founders personally purchased replacement digital assets to cover the losses, ensuring customers suffered no financial impact. However, the SEC argues that this action was insufficient, as replacements only began on October 31st, nearly four months after the attack.

The matter has been referred to Thailand's Economic Crime Suppression Division for investigation, which may lead to formal charges and a court case. Bitkub maintains that the incident was a cyberattack, not internal fraud, and has since upgraded its security systems to prevent similar incidents in the future.