Thailand SEC Files Complaint Against Bitkub Over Alleged $47M Hack Cover-Up

Thailand's Securities and Exchange Commission (SEC) has filed a criminal complaint against crypto exchange Bitkub and two of its former directors, alleging they submitted false reports to the regulator after a 2021 hack.

The incident occurred in May 2021, when 16 types of digital assets worth approximately $47 million were drained from Bitkub. However, according to the SEC, Bitkub's daily net-capital filings from May to October 2021 failed to reflect this loss, hiding it from the regulator.

The two former directors, Sakolkorn Sakavee and Thaweesap Rawan, are accused of making false entries to mislead the SEC into believing customer assets were intact. Bitkub has stated that its co-founders covered the stolen funds at the time, and that customer funds are safe.

Sakolkorn, in a video statement, took sole responsibility for altering the filings without telling other directors or staff. He explained that he withheld news of the hack to avoid triggering panic withdrawals, which could have destroyed the exchange. The former director apologized, resigned from the company's boards, and pledged to cooperate with regulators.