Thailand's SEC Files Criminal Complaint Against Bitkub Over Covered-Up Hack

Thailand's Securities and Exchange Commission has filed a criminal complaint against Bitkub Online, one of Southeast Asia's most prominent crypto exchanges. The allegations center around a $47 million cyberattack in May 2021 that drained 16 types of digital assets from the exchange. According to regulators, the attack was covered up for five months through false net-capital reports submitted to the SEC.

The complaint targets Bitkub and two former directors, Sakolkorn Sakavee and Thaweesap Rawan, who allegedly submitted false regulatory filings that hid the losses entirely. The case has been referred to Thailand's Economic Crime Suppression Division for police and prosecutors to decide on court proceedings.

Sakolkorn Sakavee took sole responsibility for the decision to alter the filings in a video statement. He admitted to altering the reports without informing other directors or staff, fearing that publicly disclosing the hack would trigger a bank run and damage the exchange.