Thailand Securities and Exchange Commission files criminal complaint against Bitkub and former directors over false reporting after THB 1.7 billion cybertheft

The Thailand Securities and Exchange Commission filed a criminal complaint with the Economic Crime Suppression Division against Bitkub Online Co. Ltd. and two former directors for allegedly providing false information in regulatory capital reports following a May 2021 cyberattack. The attack involved the theft of 16 cryptocurrencies worth approximately THB 1.7 billion from the digital asset exchange. The SEC found that Bitkub’s daily net capital reports from May 10 to Oct. 30, 2021, did not show a material change in its asset balance resulting from the theft, although the company began procuring replacement assets from Oct. 31, 2021. Former directors Sakolkorn Sakavee and Thaweesap Rawan, who were responsible for submitting the reports, are also accused of making false entries intended to lead the SEC to believe that customer assets remained held in the ordinary course and that Bitkub had suffered no damage. The Economic Crime Suppression Division will investigate the complaint, after which prosecutors and the courts will determine whether to pursue and adjudicate the case. The SEC will monitor the proceedings and cooperate with the relevant authorities.