Thailand's SEC Files Criminal Complaint Against Bitkub Over Undisclosed Hack
The Securities and Exchange Commission of Thailand has filed a criminal complaint against crypto exchange Bitkub and two former directors for allegedly submitting false reports after a $47 million cyberattack in May 2021. The attack drained assets worth 1.7 billion baht, but the SEC alleges that Bitkub concealed this loss from regulators by maintaining unchanged daily net-capital filings between May to October 2021. Bitkub claims it withheld disclosure of the theft out of fear of triggering a customer panic and bank run, while its co-founders reportedly used their own funds to replace stolen assets. One former director took sole responsibility in a video statement on Facebook, admitting he altered filings alone without informing others or disclosing the hack. The case now awaits action by police and prosecutors before it can proceed to court. Bitkub is currently preparing for an IPO after shelving its initial plan at Thailand's Stock Exchange due to market conditions.