Thailand's SEC Files Criminal Complaint Against Bitkub for Concealing $50M Hacking Loss

According to Thailand's Securities and Exchange Commission, the regulator filed criminal complaints against Bitkub Online and two former directors, Sakolkorn Sakavee and Thaweesap Rawan, over allegedly concealing a $50 million hacking loss that occurred in May 2021. The exchange failed to report the breach, which affected 16 asset categories, in its daily net capital reports from May 10 to October 30, 2021.

The case has been transferred to Thailand's Economic Crime Suppression Division for investigation, with prosecutors to decide whether to proceed with formal charges. The SEC alleges the executives made false statements in official company documents, misleading regulators about customer asset integrity and financial losses.