Key Takeaways
Thailand SEC accused Bitkub over 2021 reviews tied to a $50M hack and filed a legal criticism.Bitkub mentioned co-founders changed $50M in stolen property, conserving buyer funds totally intact in 2021.ECD will examine earlier than prosecutors determine whether or not to indict Bitkub and a couple of former administrators.
SEC Allegations and Reporting Breaches
Thailand’s Securities and Trade Fee has filed a legal criticism in opposition to Bitkub On-line Co. Ltd. and two former administrators for allegedly submitting false monetary reviews following a 2021 cyberattack that resulted within the theft of over $50 million (1.7 billion baht) in digital property.
The criticism, lodged with Thailand’s Financial Crime Suppression Division (ECD), names the cryptocurrency alternate alongside former firm administrators Sakolkorn Sakavee and Thaweesap Rawan.
In keeping with the SEC, Bitkub suffered a cyberattack in Could 2021 that breached 16 kinds of digital property. Regulator investigations revealed that from Could 10 to Oct. 30, 2021, the alternate didn’t mirror the loss in its every day web capital reviews, often called Type DA 1. The SEC alleges the executives deliberately made false entries in official firm paperwork to mislead regulators into believing buyer property had been intact and that the agency had suffered no monetary injury.
The regulator famous that whereas Bitkub finally procured alternative property by late October 2021, the interim reporting constituted false statements beneath the Emergency Decree on Digital Asset Companies B.E. 2561 (2018). A couple of months earlier than the assault, Bitkub additionally suffered an outage that prompted the SEC to ask the alternate to briefly halt operations.
The legal criticism fingers the case over to native police for additional investigation, after which prosecutors will decide whether or not to formally indict the corporate and the 2 former administrators.
Nonetheless, in a press release launched July 23, Bitkub defended its actions, assuring shoppers that every one present buyer holdings stay protected and totally accounted for. The alternate confirmed that management selected to not publicly disclose the cyberattack in Could 2021 particularly to avert a run on the alternate, which may have destabilized the broader home crypto market.
Bitkub, which reportedly explored a Hong Kong IPO in late 2025, mentioned its co-founders absorbed the loss by shopping for alternative property in similar quantities and currencies, guaranteeing that buyer funds remained intact.
The alternate added that it reported the cyber theft to regulation enforcement authorities on Could 10, 2021, and continues to pursue authorized treatments in opposition to the perpetrators. It emphasised that its operations, safety requirements, and governance have since been considerably upgraded beneath unbiased board oversight.
