Thailand's SEC Files Criminal Complaint Against Bitkub Over Alleged False Reporting

Thailand's Securities and Exchange Commission (SEC) has filed a criminal complaint against cryptocurrency exchange Bitkub Online and two of its former directors, Sakolkorn Sakavee and Thaweesap Rawan. The SEC alleges that the company submitted false regulatory reports after a 2021 cyberattack that resulted in the loss of digital assets worth about $50 million.

The complaint targets information submitted in Bitkub's daily net liquid capital reports between May 10 and October 30, 2021. According to the SEC, these reports did not accurately reflect the reduction in the exchange's digital asset holdings after attackers stole 16 different cryptocurrencies.

Bitkub disputes the regulator's allegations, stating that it intentionally delayed announcing the incident to prevent a potential bank run while working to recover from the theft. The company claims that its co-founders purchased an equivalent amount of digital assets to replace the stolen funds, leaving customers and the company without financial losses.