Thailand's SEC Sues Bitkub Over Alleged False Reporting After $47M Hack

Thailand's Securities and Exchange Commission (SEC) has filed a criminal complaint against crypto exchange Bitkub and two of its former directors over allegedly false reports submitted after a 2021 hack.

The SEC alleges that from May to October 2021, Bitkub's daily net-capital filings showed no significant change in its assets, hiding the loss of around $47 million in digital assets, which were drained from the exchange in a May 2021 cyberattack.

The two former directors, Sakolkorn Sakavee and Thaweesap Rawan, are accused of making false entries to mislead the regulator into believing customer assets were intact.

Bitkub claims that its co-founders covered the stolen funds at the time and that customer assets are safe. The company's former director, Sakolkorn Sakavee, has taken sole responsibility for altering the filings himself without telling other directors or staff and apologized for withholding news of the hack.