Thailand SEC Files Criminal Complaint Against Bitkub, Accusing of Concealing $50 Million Hack

The Securities and Exchange Commission (SEC) of Thailand has filed a criminal complaint against the digital asset exchange Bitkub Online and two former directors, accusing them of false reporting related to a cyber attack in 2021. The cyber attack in May 2021 resulted in the theft of 16 digital assets from Bitkub, valued at approximately 1.7 billion baht, or about $50 million. The SEC pointed out that Bitkub replenished the stolen assets before October 31, 2021, but the daily net liquid capital reports submitted between May 10 and October 30, 2021, did not accurately reflect the decrease in assets. Bitkub stated on platform X that the case stems from disclosure decisions made after the May 2021 cyber attack and does not constitute fraud, claiming that the delay in disclosing the compromised wallets was to avoid a bank run. Bitkub noted that the co-founder subsequently purchased equivalent digital assets to cover the stolen funds, and neither the company nor its clients suffered financial losses. Founded in 2018, Bitkub is one of Thailand's major cryptocurrency exchanges, and its parent company is considering a potential initial public offering, including the possibility of listing in Hong Kong.

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